Liquid closes $660m financing; Eurobond 2.5x oversubscribed for Africa

Liquid Intelligent Technologies has completed a $660 million debt refinancing, anchored by a $300 million Eurobond oversubscribed 2.5x and accompanied by syndicated term loans and an equity injection.

• Transaction details: The company completed a $660 million debt financing package that includes a $300 million Eurobond (listed on Euronext Dublin, issued under Rule 144A/Regulation S, 2.5x oversubscribed), a USD 210 million ZAR syndicated term loan (providers: Nedbank, Rand Merchant Bank, Standard Bank, IFC), a USD 150 million syndicated term loan (provided by Ninety One with Emerging Africa and Asia Infrastructure Fund and MCB), and a USD 195 million fresh equity injection by Cassava. The proceeds retire prior debt obligations, extend maturities, and reset the balance sheet.
• Context and supporting actions: The bond included anchor orders from DFIs (including DEG); Fitch upgraded Liquid ahead of launch and Moody’s placed the issuer on Review for Upgrade. Joint Global Coordinators and Bookrunners were J.P. Morgan, Rand Merchant Bank and Standard Bank. The package also provides a natural ZAR currency hedge for South African revenues and places net leverage on a downward trajectory.