Liquid Intelligent Raises $300M Eurobond, Closes $660M Financing

Liquid Intelligent Technologies has announced it closed a $660 million debt financing round, including a $300 million Eurobond oversubscribed 2.5x, alongside syndicated loans and a $195 million equity injection by Cassava.

• Main action: Liquid closed a $660 million debt financing package that includes a $300 million Eurobond (2.5x oversubscribed) listed on Euronext Dublin, plus syndicated term loans (USD 210 million ZAR facility; USD 150 million facility) and a USD 195 million fresh equity injection by Cassava, to retire prior debt, extend maturities, and reset the balance sheet.
• Background and terms: The financing package includes a USD 210 million ZAR syndicated term loan provided by Nedbank, Rand Merchant Bank, Standard Bank and the International Finance Corporation (serving as a natural ZAR hedge for South African revenues), a USD 150 million syndicated term loan provided by Ninety One (via its funds and the Emerging Africa and Asia Infrastructure Fund) and MCB, with anchor orders from DFIs including DEG, and credit actions from Fitch (upgrade) and Moody’s (Review for Upgrade).