Liquid Intelligent Technologies, a business of Cassava Technologies (www.CassavaTechnologies.com), has today confirmed the full repayment of its ZAR term loan and USD revolving credit facility.
In tandem with this repayment, Liquid has agreed $410 million in new ZAR and USD credit facilities from a syndicate of commercial and development finance lenders. Cassava Technologies is further reinforcing Liquid’s financial position by injecting $195 million in fresh capital into the business.
Commenting on these developments, Hardy Pemhiwa, President and Group CEO stated: “These transactions, alongside the recent sale of a minority stake in a data centre subsidiary in South Africa, are part of a significant strengthening of our capital structure as we position the Group for accelerated growth. Through our One Cassava ecosystem, we are delivering innovative AI, cloud, data centre, payments, and low latency broadband connectivity solutions to enterprise customers across Africa.”
Africa Data Centre Holdings (“ADCH”) remains a wholly owned subsidiary of Cassava Technologies as the minority stake sale was in the ADCH South Africa business.
Looking ahead, Liquid intends to issue a new $300 million bond to replace its existing $620 million bond in advance of its maturity in September 2026. This move will reduce Liquid’s overall leverage and further strengthen the company’s balance sheet.
Distributed by APO Group on behalf of Cassava Technologies.
Liquid Intelligent Technologies:
Liquid Intelligent Technologies is a business of Cassava Technologies (Cassava), a technology company of African heritage with operations in 40-plus markets across Africa, the Middle East, and Latin America, where the Cassava group companies operate. Liquid has firmly established itself as the leading provider of pan-African digital infrastructure with a 110,000 km-long fibre broadband network and satellite connectivity that provides high-speed access to the Internet anywhere in Africa. Liquid is also leveraging its digital network to provide Cloud and Cyber Security solutions through strategic partnerships with leading global players. Liquid is a comprehensive technology solutions group that provides customised digital solutions to public and private sector enterprises and SMEs across the continent. For more information, visit https://www.Liquid.Tech/.
Cassava Technologies:
Cassava Technologies is a global technology leader of African heritage providing a vertically integrated ecosystem of digital services and infrastructure enabling digital transformation. Headquartered in the UK, Cassava has a presence across Africa, the Middle East, Latin America and the United States of America. Through its business units, namely, Cassava AI, Liquid Intelligent Technologies, Liquid C2, Africa Data Centres, and Sasai Fintech, the company provides its customers’ products and services in 94 countries. These solutions drive the company’s ambition of establishing itself as a leading global technology company of African heritage. https://www.CassavaTechnologies.com/
