Liquid Intelligent Technologies, a business of Cassava Technologies (www.CassavaTechnologies.com), has today confirmed the full repayment of its JAR Term Loan and USD Revolving Credit Facility.
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 strengthening Liquid's financial position by injecting $195 million of new capital into the business.
Commenting on these developments, Chairman and Group CEO Hardy Pemhiva said: “These transactions, along with the recent sale of a minority stake in a data center subsidiary in South Africa, form part of the significant strengthening of our capital structure as we position the Group for accelerated growth. Through our One Cassava ecosystem, we are providing innovative AI, cloud, data center, payments and low latency broadband connectivity solutions to enterprise customers across Africa.“
Africa Data Center Holdings (“ADCH”) remains a wholly owned subsidiary of Cassava Technologies following the sale of a minority stake in the ADCH South Africa business.
Looking ahead, Liquid intends to issue a new $300 million bond to replace its existing $620 million bond before its maturity in September 2026. The 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 more than 40 markets across Africa, the Middle East and Latin America, where the Cassava Group of companies operates. Liquid has firmly established itself as a leading provider of pan-African digital infrastructure with a 110,000 km long fiber 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 cybersecurity solutions through strategic partnerships with key global players. Liquid is a comprehensive technology solutions group that provides customized 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 that provides a vertically integrated ecosystem of digital services and infrastructure that enable digital transformation. Headquartered in the UK, Cassava has a presence in Africa, the Middle East, Latin America and the United States. Through its business units, Cassava AI, Liquid Intelligent Technologies, Liquid C2, Africa Data Center and Sasai Fintech, the company provides products and services to its customers in 94 countries. These solutions drive the company's ambition to be established as a leading global technology company of African heritage. https://www.CassavaTechnologies.com/