Swing Media Technology Group has entered into a SGD10m equity line facility with YA Global Master SPV, a fund managed by Yorkville Advisors.
Swing Media, a manufacturer and supplier of data storage products and peripherals, plans to use the funds for the group’s general corporate and working capital purposes and to further expand its core business and explore new ventures, including expansion into China green energy sector.
Matthew Hui, chief executive officer of Swing Media, says: “We are extremely pleased to welcome Yorkville as a long-term strategic capital partner. The partnership is an endorsement by the US-based fund manager of its confidence in our recent foray into the China green energy-focused business. The ELF is structured differently from other structured equity financing deals. Key differences include the fact that for a period of 24 Months following the execution of the ELF, Swing Media may at its discretion, drawdown a total of SGD10,000,000 of equity capital in tranches, in exchange for the issue of new equity, at a discount to the prevailing market price at each drawdown. We believe that this clearly indicates that YA Global will be a long term capital partner in Swing Media.”
Anthony Chan, managing director and head of Asia at Yorkville HK, adds: “Swing Media is an excellent long-term investment opportunity for us, with its focused business approach and its solid financial track record since its listing on the Singapore Exchange in 2002. We are also excited by the prospects of its future strategic expansion into the high growth China green energy sector.”
