DJ Liquid Intelligent Technologies Draws Outsized Demand for USD300 Million Bond, Signalling Investor Confidence in African Digital Infrastructure
Liquid Intelligent Technologies
Liquid Intelligent Technologies Draws Outsized Demand for USD300 Million Bond, Signalling Investor Confidence in African
Digital Infrastructure
20-Apr-2026 / 17:40 CET/CEST
The issuer is solely responsible for the content of this announcement.
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2.5x oversubscription in a risk-selective market underscores the investment case for Africa's largest independent fibre
network
LONDON, United Kingdom, April 20, 2026/APO Group/ -- In a test of institutional appetite for African credit, Liquid
Intelligent Technologies (www.Liquid.Tech) has closed a USD 660 million debt financing round, including a USD300 million
Eurobond that was oversubscribed 2.5 times - a result that signified a meaningful vote of confidence in the continent's
digital infrastructure story.
The bond, listed on Euronext Dublin and issued under Rule 144A/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 on terms that give management the financial headroom to accelerate the company's growth and
cement its leading position as a critical enabler of Africa's digital transformation.
The demand of that scale, against a challenging capital markets environment, points to something more than routine
refinancing. It suggests that a cohort of international institutional investors has made a considered judgement; that
Liquid's asset base, its 115,000-kilometre fibre network spanning more than 25 countries, its growing cloud and
cybersecurity revenues, and its positioning at the intersection of connectivity and AI infrastructure, constitute a
credit that warrants allocation.
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
The bond was accompanied by syndicated ZAR and USD term loan facilities. The USD 210 million ZAR syndicated term loan,
provided by Nedbank, Rand Merchant Bank, Standard Bank, and the International Finance Corporation, provides a natural
currency hedge against Liquid's substantial South African revenues. This is a structural refinement that addresses one
of the more persistent concerns institutional investors have raised about African issuers. The USD 150 million
syndicated term loan was provided by Ninety One, via its own funds and the Emerging Africa and Asia Infrastructure Fund
and The Mauritius Commercial Bank Limited (MCB). Together with the USD 195 million fresh equity injection by Cassava,
these instruments retire our prior debt obligations, extend Liquid's debt maturity profile and provide a natural ZAR
currency hedge on our South African revenues, whilst placing net leverage on a firmly downward trajectory.
Anchor orders in the Eurobond were placed by leading development finance institutions ("DFI"), including DEG, the
German DFI. DFI participation at this level is rarely cosmetic. It signals that institutions whose mandate is
explicitly tied to sustainable development in emerging markets have assessed that Liquid's infrastructure is
consequential to that agenda.
Fitch Ratings upgraded Liquid Intelligent Technologies ahead of launch. Moody's has placed the issuer on Review for
Upgrade. The convergence of two agency actions reinforces our improved financial profile and will be noted by investors
who track African credit closely.
J.P. Morgan, Rand Merchant Bank and Standard Bank acted as Joint Global Coordinators and Joint Bookrunners.
"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
Distributed by APO Group on behalf of Liquid Intelligent Technologies.
Media Enquiries:
Angela Chandy
Executive Head: PR & Corporate Communications
Angela.chandy@liquid.tech
About Liquid Intelligent Technologies:
Liquid Intelligent Technologies is a business of Cassava Technologies (Cassava), a global technology leader with
operations in 40-plus markets across Africa, the Middle East, and Latin America, where the Cassava group companies
operate. Liquid has firmly established itself as the leading provider of pan-African digital infrastructure with a
110,000 km-long fibre broadband network and satellite connectivity that provides high-speed access to the Internet
anywhere in Africa. Liquid is also leveraging its digital network to provide Cloud and Cyber Security solutions through
strategic partnerships with leading global players. Liquid is a comprehensive technology solutions group that provides
customised digital solutions to public and private sector enterprises and SMEs across the continent.
For more information, visit www.Liquid.Tech.
About Cassava Technologies:
Cassava Technologies is a global technology leader providing a vertically integrated ecosystem of digital services and
infrastructure enabling digital transformation. Headquartered in the UK, Cassava has a presence across Africa, the
Middle East, Latin America and the United States of America. Through its business units, namely, Cassava AI, Liquid
Intelligent Technologies, Liquid C2, Africa Data Centres, and Sasai Fintech, the company provides its customers'
products and services in 94 countries. These solutions drive the company's ambition of establishing itself as a leading
global technology company of African heritage.
www.CassavaTechnologies.com
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The issuer is solely responsible for the content of this announcement.
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2311488 20-Apr-2026
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April 20, 2026 11:40 ET (15:40 GMT)
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