Liquid retires US$620m bond, secures new funding

Published: 2 hours ago

Liquid Intelligent Technologies, the parent company of Liquid Zimbabwe, has retired its US$620 million five-year bond ahead of its September maturity date, in a move aimed at strengthening its balance sheet and maintaining access to long-term capital.

The company repaid the bond in full before issuing a new five-year bond worth US$300 million, a strategy commonly used by global corporates to manage debt obligations while continuing to fund expansion.

The refinancing reflects a deliberate shift in capital strategy, with Liquid seeking to reduce leverage, manage refinancing risks and better align its debt levels with current investment priorities.

Investor appetite for the new bond remained strong, with demand exceeding supply by more than two times. The oversubscription underscores sustained confidence in African telecom infrastructure assets, particularly those with diversified revenue streams and regional scale.

Liquid operates in 31 African countries, with a portfolio spanning fibre networks, satellite services, cloud computing and cybersecurity — sectors that continue to see rising demand driven by digital transformation and increased data consumption.

The successful transaction also highlights the company's continued ability to tap into international capital markets. Despite being privately held, Liquid remains among a select group of African firms capable of raising and refinancing debt through European markets, reflecting its operational scale and perceived credit strength.

The company is a wholly owned subsidiary of Cassava Technologies, founded by Zimbabwean-born entrepreneur Strive Masiyiwa. Masiyiwa is also the founder of Econet Wireless, which he controls separately.

Analysts say the refinancing positions Liquid to continue investing in critical digital infrastructure across the continent, while maintaining financial discipline in a tightening global credit environment.
- online

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