Liquid Intelligent Technologies has closed a $660 million refinancing package, anchored by a $300 million Eurobond that was oversubscribed 2.5 times.
The Eurobond, listed on Euronext Dublin and issued under Rule 144A/Regulation S, provides Liquid with the international credentials that institutional buyers require. But it was only one piece of a larger transaction. The broader refinancing also includes a $210 million syndicated term loan in ZAR and USD, arranged by Nedbank, Rand Merchant Bank, Standard Bank, and the International Finance Corporation. The rand-denominated component creates a natural hedge against Liquid’s substantial South African revenue, insulating the company from the currency volatility that has historically unnerved investors in African deals. A further $150 million USD term loan came from Ninety One, through its own funds and the Emerging Africa and Asia Infrastructure Fund, alongside Mauritius Commercial Bank Limited.
Parent company Cassava Technologies contributed an additional $195 million in fresh equity. The combined effect is a substantially reset balance sheet, old debt retired, maturities extended, and net leverage on a clear downward trajectory.
Liquid, which is part of the Cassava Technologies group, has built its position on hard assets: 115,000 kilometres of fibre cable spanning more than 25 African countries, alongside a fast-growing portfolio of cloud and cybersecurity services. The company is now positioning itself at the intersection of connectivity and artificial intelligence, arguably the most strategically significant space in African tech right now.
One detail worth noting is who placed the anchor orders on the Eurobond. The DEG, Germany’s development finance institution, was among the anchor investors, not as a courtesy but as a considered bet. Organisations with a mandate tied to sustainable development in emerging markets do not deploy capital without rigorous due diligence, and their participation sends a signal that carries weight with the broader investor community.
The credit rating agencies have also moved. Fitch upgraded Liquid ahead of the bond launch, while Moody’s placed the company on review for an upgrade. The convergence of both agency actions has strengthened Liquid’s credit profile at a critical moment, particularly for the large pool of investors who track African credit closely.
Group CEO Hardy Pemhiwa said the deal was as much a strategic milestone as a financial one. “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 cybersecurity and AI-enabled infrastructure,” he said, adding that the calibre of institutions that participated was itself a statement of confidence in both Liquid’s fundamentals and Africa’s broader digital growth trajectory.
With J.P. Morgan, Rand Merchant Bank, and Standard Bank among the transaction’s key financial backers, Liquid enters its next phase with the runway and the credibility, to scale meaningfully across the continent.
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