Liquid Intelligent Technologies secured $660 million in debt financing. This move shows strong investor support and reinforces the case for Africa’s digital infrastructure.
A $300 million Eurobond formed the centerpiece of the raise. Investors oversubscribed it at 2.5 times the target. This outcome shows that international investors are willing to commit significant capital to African technology infrastructure when the business case is compelling.
The Eurobond, listed on Euronext Dublin and issued under Rule 144A/Regulation S, forms part of a broader refinancing package for Cassava Technologies. This transaction allows Liquid to repay existing debt, extend repayment timelines, and strengthen its balance sheet. As a result, the company has greater capacity for future investment.
Strong investor response, despite pressures in global capital markets, shows confidence in Liquid’s business fundamentals. These include its 115,000-kilometre fibre network across more than 25 countries and its growth in cloud services, cybersecurity, and AI-driven infrastructure.
The financing package also included syndicated term loans in both rand and dollars. Nedbank, Rand Merchant Bank, Standard Bank, and the International Finance Corporation provided a USD 210 million ZAR-linked facility to help offset currency risk related to South African earnings. In addition, Ninety One provided an extra USD 150 million syndicated term loan using its own funds, the Emerging Africa and Asia Infrastructure Fund, and Mauritius Commercial Bank.
Cassava Technologies added USD 195 million in equity. Together, these measures retire existing debt, extend the company’s maturity profile, improve its financial position, and reduce leverage.
Development finance institutions, including DEG of Germany, joined as early supporters of the Eurobond. Their participation shows that investors see Liquid’s infrastructure as commercially viable and key to broader development goals in emerging markets.
Credit rating agencies responded positively. Fitch upgraded Liquid Intelligent Technologies before the bond launch. Moody’s placed the company on review for a possible upgrade. These actions should enhance the company’s appeal to investors focused on African credit markets.
J.P. Morgan, Rand Merchant Bank, and Standard Bank served as Joint Global Coordinators and Joint Bookrunners on the transaction.
Hardy Pemhiwa, Group CEO of Liquid Intelligent Technologies, said, “This refinancing is a significant milestone, not just financially but strategically. A stronger, more sustainable balance sheet gives Liquid the platform it needs to pursue the full scope of digital transformation opportunities across Africa, from fibre and cloud to cyber security and AI-enabled infrastructure. The quality of the institutions that participated in this transaction is a statement of confidence in Liquid’s fundamentals and in Africa’s digital growth story.”
