Liquid Intelligent completes $855m refinancing and recapitalization

Liquid Intelligent Technologies has completed an $855 million recapitalisation and debt refinancing, supported by a $195 million equity injection from its parent company, Cassava Technologies, in a move aimed at strengthening its balance sheet and positioning the business for future expansion.

The transaction includes the issuance of a $300 million Senior Secured Eurobond listed on Euronext Dublin, alongside the early repayment of an existing $620 million bond originally due in September 2026.

According to Hardy Pemhiwa, President and CEO of Cassava Technologies, the restructuring enables the company to deleverage while extending its debt maturity profile and improving financial flexibility.

Pemhiwa says: “The new bond was oversubscribed 2.5x, signalling that international institutional investors believe in the fundamentals of African digital infrastructure and in Liquid even during this period of geopolitical uncertainty and global capital markets volatility.”

Investor confidence in the deal was evident, with the Eurobond oversubscribed by 2.5 times, reflecting strong international appetite for African digital infrastructure assets despite global market volatility. Additional financing included a $210 million syndicated term loan backed by institutions such as Rand Merchant Bank, Standard Bank Group, Nedbank Corporate and Investment Banking, and the International Finance Corporation, as well as a separate $150 million facility from Ninety One and Mauritius Commercial Bank Group.

Pemhiwa noted that the refinancing also benefits from a natural currency hedge on South African revenues and comes amid positive ratings momentum, with Fitch Ratings upgrading the company ahead of the issuance, while Moody’s Ratings placed it on review for a potential upgrade. Development finance institutions, including DEG – German Investment and Development Corporation, participated as anchor investors.

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“Together with the Cassava equity injection, these facilities retire our prior debt obligations, extend Liquid’s debt maturity profile and provides a natural rand currency hedge on our SA revenues,” Pemhiwa explains.

The transaction was coordinated by J.P. Morgan, Rand Merchant Bank, and Standard Bank Group, acting as joint global coordinators and bookrunners. With a strengthened financial position, Liquid said it will accelerate investments in fibre networks, cloud infrastructure, cybersecurity, and AI-enabled technologies across Africa under Cassava’s integrated “OneCassava” strategy.

Pemhiwa concludes: “Liquid’s stronger balance sheet is not an end in itself. It is the foundation for what comes next, our continued investment in fibre, cloud, cybersecurity and AI-enabled infrastructure across the continent, delivered through Cassava Technologies’ integrated OneCassava model.”