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Liquid Intelligent Technologies, the pan-African fibre and technology business owned by Cassava Technologies, has closed a $660 million debt financing round. The round was anchored by a $300 million Eurobond that was oversubscribed 2.5 times and signalled strong institutional appetite for the African digital infrastructure story amid cautious market investment.
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 Intelligent Technologies. The transaction also retires the company’s prior debt obligations, extends its debt maturity profile, and resets its balance sheet on terms that provide management with financial headroom to accelerate growth.
The bond was accompanied by syndicated ZAR and USD term loan facilities, the company said in a press release. The $210 million ZAR syndicated term loan, provided by Nedbank, Rand Merchant Bank, Standard Bank, and the International Finance Corporation, will also serve as a natural currency hedge against Liquid’s substantial South African revenues.
A $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. Cassava Technologies, the parent company of Liquid Intelligent Technologies, injected $195 million in fresh equity.
“This refinancing is a significant milestone, not just financially, but strategically,” said Hardy Pemhiwa, Group CEO, Liquid Intelligent Technologies.
Founded in 2004 and headquartered in Ebene, Mauritius, Liquid Intelligent Technologies is Africa’s largest independent fibre network operator. The company provides connectivity, cloud services, managed solutions, cybersecurity, and data centre infrastructure across the continent. It operates a 115,000-kilometre fibre network across more than 25 countries, offering connectivity, cloud, and cybersecurity services, while positioning itself at the intersection of digital infrastructure and AI.
The headline figure in the debt financing announced on 20 April 2026 is the oversubscription ratio. That level of demand, in a market where investors have been highly cautious, suggests this was no ordinary refinancing exercise. It also shows that international institutional investors see Liquid’s assets as worth backing.
Anchor orders in the Eurobond were placed by leading development finance institutions, including DEG, the German development finance institution, the company noted. It needs to be mentioned that development finance institutions do not participate in transactions like this, and their involvement is a sign of strength for Liquid. It also helps that Fitch Ratings upgraded the company ahead of the bond’s launch, while Moody’s placed the issuer on review for upgrade.
“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,” Pemhiwa added.
The proceeds will allow Liquid to build on its core strength: operating the fibre network that is fast becoming the backbone of the African economy. For Africa, the transaction challenges the narrative that the continent is too risky for serious institutional capital. The transaction also gives future African issuers a credible precedent to point to in the future.
