Liquid Intelligent Technologies, one of Africa’s largest internet and digital infrastructure companies, has completed an $855 million refinancing deal aimed at strengthening its finances and supporting future growth across the continent.
The company’s parent, Cassava Technologies, injected $195 million in fresh equity as part of the transaction, giving Liquid additional financial stability and helping it reduce its debt burden.
A key part of the deal was a $300 million international bond issued to global investors and listed in Dublin. The bond attracted strong demand, being oversubscribed 2.5 times, meaning investors wanted far more of it than was available.
Liquid used part of the funds to fully repay an existing $620 million bond, which had been due in 2026.
The refinancing also includes new loans worth $360 million in total, provided by a group of African and international lenders including Rand Merchant Bank, Standard Bank, Nedbank, the International Finance Corporation, Ninety One, and Mauritius Commercial Bank.
Together, the deal replaces older debt with new financing that has longer repayment timelines and more flexible currency terms, helping reduce financial pressure on the company.
Credit rating agencies responded positively, with Fitch upgrading Liquid’s outlook and Moody’s placing it under review for a possible upgrade. Development finance institution DEG was among the investors backing the new bond.
Banks including J.P. Morgan, RMB, and Standard Bank arranged the transaction.
Liquid said the stronger financial position will allow it to keep investing in expanding fibre networks, cloud services, cybersecurity, and artificial intelligence infrastructure across Africa under its parent company Cassava’s integrated technology strategy.