Liquid Intelligent Technologies Successfully Repays Debt
Liquid Intelligent Technologies, a division of Cassava Technologies, announced that it has fully repaid its ZAR term loan and USD revolving credit facility. This marks a significant step in enhancing the financial stability of the company.
New Credit Facilities and Capital Injection
Alongside the debt repayment, Liquid has secured $410 million in new credit facilities in both ZAR and USD currency from a consortium of commercial and development finance lenders. To further bolster the company’s financial standing, Cassava Technologies is injecting an additional $195 million in fresh capital.
Hardy Pemhiwa, President and Group CEO, remarked on these developments, stating that “these transactions, along with the recent sale of a minority stake in a data centre subsidiary in South Africa, are integral to strengthening our capital structure as we prepare for accelerated growth. Through our One Cassava ecosystem, we aim to provide innovative solutions in AI, cloud services, data centres, payment systems, and low-latency broadband connectivity to enterprise clients across Africa.”
Clarifying Ownership Structure
Africa Data Centre Holdings (ADCH) remains wholly owned by Cassava Technologies, as the minority stake sale was specific to the ADCH operations in South Africa. This strategic move allows the group to maintain control over its data center initiatives while also enhancing its capital framework.
Future Plans: Bond Issuance and Financial Strategy
Looking ahead, Liquid Intelligent Technologies is planning to issue a new bond valued at $300 million. This is intended to replace an existing $620 million bond before it matures in September 2026. This proactive strategy is designed to lower the company’s overall leverage and further strengthen its balance sheet.
Liquid’s Position in Digital Infrastructure
Liquid Intelligent Technologies has carved out a niche as a leading provider of pan-African digital infrastructure. With a robust 110,000 km-long fiber broadband network, the company offers satellite connectivity that ensures high-speed Internet access across the continent. In addition, Liquid is leveraging its extensive digital network to offer cloud services and cybersecurity solutions, partnering with top global players to enhance its service offerings.
Cassava Technologies’ Broader Vision
Cassava Technologies, headquartered in the UK, emphasizes its African heritage and commitment to providing a comprehensive ecosystem of digital services. The company operates not only in Africa but also has a foothold in the Middle East, Latin America, and the United States. Through its various business units, including Cassava AI, Liquid Intelligent Technologies, Liquid C2, Africa Data Centres, and Sasai Fintech, Cassava aims to deliver innovative products and services across 94 countries.
This bold approach to digital transformation is central to Cassava’s vision of establishing itself as a leading global technology company rooted in African values.
