Liquid Intelligent Technologies Raises $660 Million as Eurobond Sees Strong Demand
Liquid Intelligent Technologies has successfully closed a $660 million debt financing round, anchored by a $300 million Eurobond that was oversubscribed 2.5 times, signalling robust investor confidence in Africa’s digital infrastructure sector.
The bond, listed on Euronext Dublin and issued under Rule 144A/Regulation S, forms part of a broader refinancing strategy aimed at restructuring the company’s balance sheet, extending debt maturities and positioning the business for accelerated growth.
The transaction enables Liquid, a subsidiary of Cassava Technologies, to retire existing debt obligations while creating additional financial flexibility to expand its footprint across the continent. The company operates an extensive fibre network spanning over 115,000 kilometres across more than 25 African countries, alongside growing cloud and cyber security service offerings.
Market analysts note that the level of oversubscription, particularly amid a challenging global capital markets environment, reflects strong institutional appetite for African infrastructure assets. The scale of demand suggests investor confidence in Liquid’s strategic positioning at the intersection of connectivity, cloud services and emerging AI-driven infrastructure.
The Eurobond issuance was complemented by additional financing facilities, including a $210 million ZAR-denominated syndicated term loan provided by Nedbank, Rand Merchant Bank, Standard Bank and the International Finance Corporation. This facility is expected to provide a natural currency hedge against the company’s South African revenue streams.
A further $150 million syndicated loan was arranged through Ninety One, alongside the Emerging Africa and Asia Infrastructure Fund and The Mauritius Commercial Bank. In addition, Cassava Technologies injected $195 million in fresh equity to support the refinancing package.
Development finance institutions also played a significant role in the transaction, with anchor orders placed by entities including DEG. Industry observers say such participation underscores the developmental significance of digital infrastructure investments across emerging markets.
Credit rating agencies responded positively ahead of the issuance, with Fitch Ratings upgrading the company, while Moody’s placed it under review for a potential upgrade, reflecting improvements in its financial profile.
The transaction was coordinated by J.P. Morgan, Rand Merchant Bank and Standard Bank, acting as joint global coordinators and bookrunners.
Commenting on the development, Group Chief Executive Officer Hardy Pemhiwa described the refinancing as both a financial and strategic milestone.
“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,” he said.
