Liquid Intelligence Technologies secures $660 million debt financing round led by Cassava Technologies

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.

Counterparts (9)

Lender

Standard Bank Group

company · 2 deals

Standard Bank Group is Africa's largest bank by assets, providing a full range of banking and financial services across 20 African countries and globally. It is a leading financier, advisor, and occasional equity investor for large-scale infrastructure and energy projects across the continent.

Nedbank

company · 1 deals

Nedbank is a financial services group in South Africa that provides a range of banking and financial services. It participates in infrastructure projects as a lender and advisor, focusing on projects that contribute to sustainable development and economic growth in Africa.

Rand Merchant Bank

company · 2 deals

Rand Merchant Bank (RMB), a division of FirstRand Bank Limited, is a leading African investment bank headquartered in Johannesburg, South Africa. It provides significant debt financing, advisory, and arranging services for large-scale infrastructure projects across sub-Saharan Africa, particularly in energy, transport, and telecommunications sectors.

J.P. Morgan

company · 1 deals

New York-based global financial services firm with $3.9 trillion in assets, offering investment banking, commercial banking, asset management, and securities services to corporations, institutions, and governments across 100+ countries.

Ninety One

company · 1 deals

Ninety One is an active, global investment manager with a strong focus on long-term investment returns, sustainability, and emerging markets. They offer distinctive capabilities in global equities, fixed income, credit, multi-asset, and alternatives, with a special perspective on opportunities in developing markets and the energy transition.

I

International Finance Corporation

company · 1 deals

Emerging Africa and Asia Infrastructure Fund

company · 2 deals

borrower

Liquid Intelligence Technologies

company · 1 deals

Liquid Intelligent Technologies, a business of Cassava Technologies, provides digital infrastructure services including connectivity, data centers, cloud computing, and cybersecurity across Africa.

parent_company

C

Cassava Technologies

company · 1 deals

London-headquartered African technology conglomerate providing vertically integrated digital infrastructure including broadband connectivity, data centers, cloud services, cybersecurity, AI compute, and fintech across 94 countries in Africa, Middle East, Latin America, and the US.