LONDON — Cassava Technologies has successfully completed an $855 million recapitalisation and debt refinancing of its subsidiary, Liquid Intelligent Technologies, in a move aimed at strengthening the group’s balance sheet and accelerating growth across Africa’s digital infrastructure sector.
The transaction is anchored by a $195 million equity injection from Cassava Technologies, enabling Liquid to significantly reduce its leverage and reposition itself for expansion in high-growth segments including fibre connectivity, cloud computing, cybersecurity and artificial intelligence infrastructure.
At the core of the refinancing is a $300 million Senior Secured Eurobond issued under Rule 144A/Regulation S and listed on Euronext Dublin. The bond issuance, which replaces an existing $620 million bond ahead of its September 2026 maturity, was oversubscribed 2.5 times, highlighting robust demand from international institutional investors despite ongoing global market volatility.
The broader financing package also includes a $210 million rand-denominated syndicated term loan arranged by Rand Merchant Bank, Standard Bank Group, Nedbank Corporate and Investment Banking and the International Finance Corporation. In addition, a $150 million US dollar-denominated syndicated loan was provided by Ninety One and MCB Group.
Together, these facilities will refinance existing obligations, extend Liquid’s debt maturity profile and introduce a natural currency hedge aligned to its South African revenue streams, while placing net leverage on a downward trajectory.
Credit rating agencies have responded positively to the transaction, with Fitch Ratings upgrading Liquid ahead of the bond launch, while Moody’s Ratings has placed the company on review for a potential upgrade. Anchor investors in the Eurobond included development finance institutions such as DEG — Deutsche Investitions- und Entwicklungsgesellschaft.
Global financial institutions J.P. Morgan, Rand Merchant Bank and Standard Bank Group acted as Joint Global Coordinators and Bookrunners on the deal.
Commenting on the transaction, Cassava Technologies Group CEO Hardy Pemhiwa said:
“The successful completion of this recapitalisation marks a pivotal moment for Liquid Intelligent Technologies. By strengthening our balance sheet and reducing leverage, we have created a solid foundation for accelerated growth and long-term value creation across Africa’s digital ecosystem.”
Pemhiwa added that the refinancing was not merely a financial restructuring but a strategic enabler for future investment.
“This transaction positions us to scale critical infrastructure across fibre, cloud, cybersecurity and AI, leveraging our integrated OneCassava model to deliver resilient, future-ready digital solutions across the continent.”
The deal underscores growing investor confidence in Africa’s digital infrastructure sector, as demand for connectivity and data services continues to expand across both urban and underserved markets.
