Liquid Intelligent Technologies has secured $660 million in debt financing, anchored by a $300 million Eurobond that was oversubscribed 2.5 times.
The Eurobond is listed on Euronext Dublin and issued under Rule 144A/Regulation S. It forms part of a broader refinancing effort by the company, which is owned by Cassava Technologies.
The deal lets Liquid pay off its current debts, extend the time it has to pay them back, and improve its balance sheet. The company can now expand its operations across the continent more easily.
The company operates a 115,000-kilometre fibre network spanning more than 25 African countries, alongside growing cloud and cybersecurity businesses.
The financing package also includes:
- A $210 million ZAR-denominated syndicated term loan from Nedbank, Rand Merchant Bank, Standard Bank and the International Finance Corporation.
- A $150 million syndicated term loan backed by Ninety One, the Emerging Africa and Asia Infrastructure Fund and Mauritius Commercial Bank
- A $195 million equity injection from Cassava Technologies
“This refinancing is a significant milestone, not just financially, but strategically,” said Hardy Pemhiwa. “A stronger, more sustainable balance sheet gives Liquid the platform it needs to pursue the full scope of digital transformation opportunities across Africa.”
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