Liquid closes $660m refinancing with oversubscribed $300m Eurobond

Liquid Intelligent Technologies has closed a $660 million debt refinancing package, anchored by a $300 million Eurobond that was 2.5x oversubscribed.

• Main action: The company completed a $660 million debt financing round including a $300 million Eurobond listed on Euronext Dublin (Rule 144A/Regulation S) that was oversubscribed 2.5x; the package also includes a USD 210 million ZAR syndicated term loan (Nedbank, Rand Merchant Bank, Standard Bank, IFC), a USD 150 million syndicated term loan (Ninety One, Emerging Africa and Asia Infrastructure Fund, MCB), and a USD 195 million fresh equity injection by Cassava to retire prior debt, extend maturities, and reduce net leverage.
• Background and details:DFI anchor orders included DEG; Fitch Ratings upgraded Liquid ahead of the launch and Moody’s placed the issuer on Review for Upgrade; J.P. Morgan, Rand Merchant Bank and Standard Bank acted as Joint Global Coordinators and Joint Bookrunners; the transaction aims to provide a natural ZAR currency hedge against South African revenues and to support growth across fibre, cloud, cybersecurity and AI-enabled infrastructure.