Liquid Telecom has successfully raised $700 million to refinance the group’s existing debt and to support its growth strategy as it continues to rapidly scale and expand its network capabilities and service offering across Africa.
The group raised $550 million in the international debt capital markets in its debut bond, in addition to a $150 million term loan.
According to Nic Rudnick, Liquid Telecom’s Group CEO: “We are pleased with the strong support and interest Liquid Telecom has received internationally. We launched into a challenging market, and have attracted investors of high quality – many of whom are investing in African high yield bonds for the first time. This is a significant achievement for an African tech company.”
The financing package, will be used for the refinancing of Liquid Telecom’s existing debt and general corporate purposes. The firm says the funding will enable it to further expand and enhance its pan-African fibre network – the largest of its kind in the region – and support its vision for a more connected Africa. Through organic growth and acquisition, Liquid Telecom has built over 50,000km of fibre connecting 9 countries in the region, and currently serves over 113,000 enterprise, carrier and retail customers.
Liquid Telecom has built Africa’s largest independent fibre network, stretching over 50,000km and connecting more countries on a single network than any other. The loan facility was raised by Liquid Telecommunications Financing PLC, part of the leading pan-African telecoms group which is majority owned by Strive Masiyiwa’s Econet Global.