Swift TV extends Pure debt facility to March 2028
Swift TV Ltd (ASX: STV) has executed an amendment deed with Pure Asset Management Pty Ltd as trustee for The Income and Growth Fund (“Pure”), extending the maturity of its existing secured debt facility by 12 months, from 31 March 2027 to 31 March 2028. The debt facility extension is subject to satisfaction of certain conditions.
The renewed facility does not represent additional debt funding or cash proceeds to Swift. It extends the existing facility only, providing an additional 12 months of funding certainty while the company executes its commercial rollout.
Key highlights
- Outstanding principal: $5.53 million
- Interest rate: 11.0% per annum, payable quarterly, applying on and from 1 September 2026
- Early repayment fee: nil
- 100 million warrants to be issued to Pure
Brian Mangano, Managing Director and CEO
“Extending the facility to March 2028 reduces near-term balance sheet risk and provides Swift with greater funding certainty as we execute our commercial growth strategy. Importantly, the ability to repay the facility early without penalty also preserves our financial flexibility as the business grows.”
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Renewed facility terms and balance sheet progress
Debt reduction during FY26 and July 2026
The facility is fully drawn, with current principal outstanding of $5.53 million. During FY26, Swift reduced the principal from $6.165 million to $5.960 million through an early cash repayment.
In July 2026, principal was reduced by a further $430,000 through Pure’s conversion of debt to equity.
Terms at a glance
The table below sets out the terms disclosed in the announcement for the existing and renewed facility.
| Term | Existing facility | Renewed facility | Change |
|---|---|---|---|
| Maturity | 31 March 2027 | 31 March 2028 | Extended by 12 months |
| Interest rate | 10.25% | 11.0% | Higher rate, payable quarterly |
| Amendment fee | Not disclosed | 3.0% of current principal, capitalised | Added to outstanding principal |
| Security | Existing security arrangements | Existing security arrangements remain unchanged | Unchanged |
| Early repayment fee | Nil | Nil | Swift may repay early without penalty |
Capitalising the 3.0% amendment fee is expected to increase principal by approximately $166,000, to approximately $5.70 million, once the amendments take effect. Both figures relate to the facility, not to the warrants.
Warrants and ASX conditions explained
What are warrants?
A warrant gives the holder the right, but not the obligation, to buy shares at a set price before it expires. Lenders are sometimes issued warrants as an added incentive for agreeing to loan terms.
Shareholders watch warrants because exercising them creates new shares, which reduces the percentage of the company each existing share represents (dilution). In this case, Pure would receive 100,000,000 warrants, each exercisable into one fully paid ordinary share in Swift.
Warrant terms
- 100,000,000 unquoted warrants, issued for nil cash consideration in consideration of Pure agreeing to the amendments.
- Exercise price: the lower of three limbs. These are $0.02; if a change of control event occurs, 80% of the price or implied equity value per share under that event (this limb does not apply where Pure or its related bodies corporate are the bidder); and an “Adjusted Price” if Swift issues equity securities with an aggregate diluted amount exceeding 15% of the shares on issue immediately before the announcement. Issues made on or before 31 December 2026 are excluded from the 15% test, provided the aggregate diluted amount does not exceed 25% of the shares on issue immediately before the announcement.
- Expiry: 30 June 2029.
- Exercisable from the date the amendments take effect until expiry.
- The warrants are unquoted, but the company will apply for quotation of the Warrant Shares issued on exercise.
- The holder may not participate in new issues of capital without first exercising the warrants.
Conditions to the amendments
Pure holds a relevant interest in 282,084,469 ordinary shares, approximately 19.45% of shares on issue, making it a substantial (10%+) holder for the purposes of ASX Listing Rule 10.1. The amendments are therefore conditional on two items.
The LR 10.1 Condition requires ASX to confirm in writing that Listing Rule 10.1 does not apply, or to grant a waiver. Failing that, Swift must obtain shareholder approval under Listing Rule 10.1.
The LR 10.11 Condition requires ASX to confirm in writing that Listing Rule 10.11 (in particular, 10.11.5) does not apply to Pure. In that case, the warrants would be issued under the company’s existing Listing Rule 7.1 placement capacity, with ratification to be sought under Listing Rule 7.4 at the AGM. Failing that confirmation, Swift will seek shareholder approval under Listing Rule 10.11 at its AGM.
If the conditions are not satisfied by 31 March 2027, the amendments will not take effect, and the facility will continue on its existing terms, including the existing 31 March 2027 maturity.
Swift is engaging with ASX on the confirmations and the Listing Rule 10.1 waiver. If a waiver is granted subject to conditions, Swift expects those conditions would be consistent with ASX’s standard conditions for waivers of this kind, which may require further amendments to the existing security documents. Swift will announce the outcome when known.
Supporting commercial rollout
Swift describes the extension as following a period of commercial progress as it transitions from multi-year product development to the commercial rollout of its Swift TV platform. At 30 June 2026, the company had 7,190 Swift TV devices sold across 13 enterprise customers, with approximately 52% deployed and live at year end and the balance contracted for future deployment.
Deployment capacity has already been tested, with 2,758 screens installed across seven enterprise sites in seven weeks earlier in the year, backed by multi-year subscription contracts.
Swift’s stated focus is completing contracted deployments, expanding across existing enterprise customers, securing new customers within its core markets (Mining, Oil & Gas, Aged Care and Hospitality) and growing its recurring subscription revenue base. The extended maturity pushes the facility’s repayment date out by 12 months while these deployments progress.
Repeat business is already appearing in the energy vertical, with a Chevron follow-on order for 1,900 devices across Barrow Island and Wheatstone Offshore lifting the installed base at Chevron sites to approximately 3,900 devices.
Swift will make a further announcement once the conditions have been satisfied.
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