• Liquid repays ZAR loan and $220 million facility
• Secures $410 million new credit, $195 million equity
• Plans $300 million bond before 2026 maturity

Liquid Intelligent Technologies, a subsidiary of Cassava Technologies, has reached a new stage in its financial restructuring, fully repaying its South African rand (ZAR) term loan and its $220 million revolving credit facility, the company said on Wednesday, Feb. 25.

The pan-African digital infrastructure group has also secured new credit facilities in rand and U.S. dollars totaling the equivalent of $410 million.

Cassava said the new funding was provided by a syndicate of commercial banks and development finance institutions. At the same time, the parent company injected $195 million in fresh equity into Liquid. The combined refinancing and capital increase form part of a broader deleveraging plan aimed at strengthening the group’s balance sheet and extending its debt maturity profile.

In a statement, Liquid Chief Financial Officer Lorraine Harper described the transactions as “key milestones” in a refinancing process covering debt of about $883 million. The company reported revenue of $561.2 million for the nine months ended Nov. 30, 2025. Harper said the steps represent a significant strengthening of the balance sheet.

Cassava President and Chief Executive Officer Hardy Pemhiwa said the objective is to reduce leverage and better match revenues with liabilities ahead of a major bond maturity.

Liquid plans to issue a new $300 million bond to refinance its existing $620 million bond before it matures in September 2026.

“We are well on track to achieve our primary refinancing objectives: a more staggered maturity profile, improved alignment between earnings and debt obligations, and a meaningful reduction in overall debt,” Pemhiwa said.

Greater investment flexibility

The announcement follows measures launched several months ago. In November 2025, Cassava said it had completed transactions expected to generate more than $150 million in fresh equity for Liquid as part of its broader refinancing plan. These included $100 million from the sale of a minority stake in Africa Data Centre in South Africa to STANLIB, $25 million from an equity investment by NVIDIA, and $25 million from existing Cassava shareholders.

Beyond the amounts raised, the refinancing sends a signal to the market. Since mid-2024, Liquid has been working to reshape its debt maturity schedule at a time when African telecommunications and digital infrastructure operators face high capital expenditure requirements and elevated financing costs.

The group’s ability to mobilize commercial bank financing, development capital and shareholder support is likely to be critical in sustaining growth.

For Liquid, which operates across multiple African markets, the refinancing should provide greater financial flexibility as it expands in connectivity, cloud services, cybersecurity and data centres. The next step will be to complete the planned bond issuance and translate the improved capital structure into sustained operational performance.

Muriel EDJO