Liquid Intelligent Technologies has closed a $660 million debt financing round anchored by a $300 million Eurobond that drew 2.5 times oversubscription on Euronext Dublin, in a transaction the pan-African fibre operator frames as a vote of confidence in the continent’s digital infrastructure story.
The bond, issued under Rule 144A and Regulation S, formed the centrepiece of a broader debt paydown and refinancing completed by Liquid, the pan-African fibre and technology business owned by Cassava Technologies. The transaction retires the company’s prior debt obligations, extends its debt maturity profile, and resets its balance sheet with the stated aim of giving management headroom to accelerate growth across connectivity, cloud, and cybersecurity.
Deal structure
Alongside the $300 million Eurobond, Liquid closed two syndicated term-loan facilities and received fresh equity from Cassava. The composite package looks as follows:
- $300 million Eurobond, Euronext Dublin listing, 144A/Reg S, 2.5x oversubscribed.
- $210 million ZAR-denominated syndicated term loan from Nedbank, Rand Merchant Bank, Standard Bank, and the International Finance Corporation. The rand-denominated structure provides a natural currency hedge against Liquid’s substantial South African revenues.
- $150 million USD syndicated term loan from Ninety One (via its own funds and the Emerging Africa and Asia Infrastructure Fund) and The Mauritius Commercial Bank.
- $195 million equity injection from parent Cassava Technologies.
Anchor orders in the Eurobond were placed by development finance institutions including DEG, the German DFI. J.P. Morgan, Rand Merchant Bank, and Standard Bank acted as joint global coordinators and joint bookrunners.
Ratings action ahead of launch
Fitch Ratings upgraded Liquid Intelligent Technologies ahead of the bond launch. Moody’s placed the issuer on Review for Upgrade. The two agency actions converged with strong institutional demand in a risk-selective market for emerging-market credit, pointing to investor appetite for African issuers that can demonstrate hard infrastructure assets, multi-country revenue diversification, and hedged currency exposure.
Liquid’s asset base
Liquid operates a 115,000-kilometre fibre broadband network spanning more than 25 African countries, alongside satellite connectivity and growing cloud and cybersecurity revenues delivered through its Liquid C2 unit, which recently opened Africa’s first AI experience centre in Johannesburg with Google Cloud. The company has also expanded fibre capacity between Kenya and Uganda and, separately through sibling Cassava unit Africa Data Centres, recently partnered with Oni-Tel on fibre connectivity in Gauteng.
This refinancing is a significant milestone, not just financially, but strategically. 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 cyber security and AI-enabled infrastructure. The quality of the institutions that participated in this transaction is a statement of confidence in Liquid’s fundamentals and in Africa’s digital growth story.
Hardy Pemhiwa, Group CEO, Liquid Intelligent Technologies
Cassava Technologies, headquartered in London and present in more than 40 markets across Africa, the Middle East, Latin America, and the United States, holds Liquid alongside Cassava AI, Liquid C2, Africa Data Centres, and Sasai Fintech in its vertically integrated portfolio. The scale of institutional participation in this transaction, including DFI anchor orders, places the oversubscribed bond among the larger African corporate debt placements completed in the first half of 2026.
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