Liquid Intelligent Technologies $660M Debt Financing

Liquid Intelligent Technologies, a subsidiary of Cassava Technologies, has successfully closed a $660 million debt financing round. This includes a $300 million Eurobond that was oversubscribed 2.5 times, demonstrating significant institutional appetite for African credit and confidence in the continent's digital infrastructure. The transaction, which also involved a $195 million equity injection from Cassava Technologies and syndicated ZAR and USD term loans from various financial institutions like Nedbank, FSDH Merchant Bank, Standard Bank, International Finance Corporation, 91, and The Mauritius Commercial Bank Limited, aims to retire Liquid Intelligent Technologies's prior debt obligations, extend its debt maturity profile, and reset its balance sheet. This financial restructuring provides Liquid Intelligent Technologies with the necessary headroom to accelerate its growth and solidify its position as a key enabler of Africa's digital transformation. The Eurobond was listed on Euronext Paris. Notably, Fitch Ratings upgraded Liquid Intelligent Technologies, and Moody s Ratings placed it on Review for Upgrade, further reinforcing its improved financial profile. Hardy Pemhiwa, Group CEO, highlighted the strategic importance of this refinancing for pursuing digital transformation opportunities across Africa.