Swoop (ASX:SWP) signs $32.1m agreement with Westpac

Wireless provider Swoop Holdings (ASX:SWP) has signed a $32.1 million deal with Westpac.

Under a facility agreement, $30 million will be used to fund permitted acquisitions and capex programmes for a 5-year term, subject to the drawdown restrictions. The remaining $2.1 million will be used for day to day requirements.

“This is an exciting time for Swoop to be working with Westpac — securing these facilities and combining them with our already strong cash balance puts us in a strong position in the current environment,” said chief executive officer Alex West.

“With the changes in the macro-economic conditions we have been prudent over the last six months to ensure that we undertake a disciplined approach to acquisitions and only pursue those opportunities that meet our strict guidelines, and will continue to do so with this additional firepower at our disposal.”

Shares are trading 1.9 per cent higher at 54 cents.