Liquid Intelligent Technologies has completed a $660 million debt refinancing, anchored by a $300 million Eurobond that was oversubscribed 2.5 times, in a sign of investor confidence in Africa’s digital infrastructure sector.

The bond, listed on Euronext Dublin and issued under Rule 144A/Regulation S, formed the centrepiece of a broader refinancing by the pan-African fibre and technology group, which is owned by Cassava Technologies.

The transaction replaces the company’s previous debt obligations, extends its maturity profile and strengthens its balance sheet, giving management greater flexibility to pursue growth opportunities across the continent.

“This refinancing is a significant milestone, not just financially, but strategically,” said Hardy Pemhiwa, Group Chief Executive of Liquid Intelligent Technologies.

“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,” he said.

The strong demand for the Eurobond came despite challenging global capital market conditions and suggested that international institutional investors remain willing to back African infrastructure assets with stable long-term prospects.

Liquid operates a 115,000-kilometre fibre network spanning more than 25 countries and has expanded into cloud services, cybersecurity and AI-related infrastructure.

Alongside the bond issuance, the refinancing package included syndicated ZAR and USD term loan facilities.

A $210 million ZAR syndicated term loan was provided by Nedbank, Rand Merchant Bank, Standard Bank and the International Finance Corporation. The facility provides a natural currency hedge against Liquid’s South African revenues, helping reduce foreign exchange risk.

A separate $150 million syndicated term loan was arranged by Ninety One, through its own funds and the Emerging Africa and Asia Infrastructure Fund, together with The Mauritius Commercial Bank Limited.

Cassava Technologies also injected $195 million in fresh equity as part of the refinancing.

Together, the measures are expected to lower leverage and improve the group’s financial profile.

Development finance institutions also played a prominent role in the deal, with anchor orders in the Eurobond placed by institutions including DEG, Germany’s development finance institution.

Their participation indicated support for Liquid’s role in expanding digital connectivity and infrastructure across African markets.

Ahead of the transaction, Fitch Ratings upgraded Liquid Intelligent Technologies, while Moody’s placed the company on review for a potential upgrade.

J.P. Morgan, Rand Merchant Bank and Standard Bank acted as Joint Global Coordinators and Joint Bookrunners on the transaction.