Liquid Intelligence Technologies secures $660 million debt financing round led by Cassava Technologies
Type: Financing · Technology: Data Center · Country: South Africa · Value: $660M · Announced: 2026-04-22
Pan-African fiber and technology services firm Liquid Intelligence Technologies closed a $660 million debt financing round, including a $300 million Eurobond, to refinance existing debt and strengthen its balance sheet. The financing package includes a $210 million ZAR syndicated term loan from Nedbank, Rand Merchant Bank, Standard Bank, and the International Finance Corporation, alongside a $150 million syndicated term loan from Ninety One, the Emerging Africa and Asia Infrastructure Fund, and The Mauritius Commercial Bank Limited (MCB). Cassava Technologies, Liquid’s parent company, also injected $195 million in fresh equity to retire prior debt obligations and extend Liquid’s debt maturity profile. The transaction provides a natural ZAR currency hedge for Liquid’s South African revenues while reducing net leverage, positioning the company for digital transformation opportunities across Africa. J.P. Morgan, Rand Merchant Bank, and Standard Bank served as Joint Global Coordinators and Joint Bookrunners for the debt issuance.
Counterparties
- Nedbank (Lender)
- Ninety One (Lender)
- J.P. Morgan (Lender)
- Emerging Africa and Asia Infrastructure Fund (Lender)
- Standard Bank Group (Lender)
- International Finance Corporation (Lender)
- Rand Merchant Bank (Lender)
- Cassava Technologies (Parent Company)
- Liquid Intelligence Technologies (Borrower)