HARARE, Apr. 19 (NewsDay Live) — Liquid Intelligent Technologies has retired its US$620 million five-year bond ahead of its September maturity, in a proactive refinancing that reduces leverage and extends its debt profile.
The group simultaneously issued a new five-year US$300 million bond, maintaining access to long-term funding while recalibrating its capital structure to better align with current investment requirements.
The transaction reflects a deliberate balance sheet strategy focused on lowering gearing, mitigating refinancing risk and preserving liquidity flexibility amid ongoing expansion.
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Investor demand for the new notes was strong, with the issue more than twice oversubscribed — underscoring continued appetite for African telecoms and digital infrastructure credits, particularly those with diversified revenue bases and pan-African scale.
Liquid operates in 31 countries, with assets spanning fibre networks, satellite connectivity, cloud computing and cybersecurity — segments benefiting from sustained growth in data consumption and enterprise digitalisation.
The refinancing also reinforces Liquid’s access to international debt capital markets. Despite its private ownership, the company remains among a small cohort of African issuers able to consistently tap European markets, reflecting both operational scale and investor confidence in its credit profile.
Liquid is a wholly owned subsidiary of Cassava Technologies, founded by Zimbabwean entrepreneur Strive Masiyiwa, who separately controls the Econet Wireless.
