Pan-African fiber and technology services firm Liquid Intelligence Technologies has secured hundreds of millions of dollars in new financing.

The company this week closed a $660 million debt financing round, including a $300 million Eurobond.

“This refinancing is a significant milestone, not just financially, but strategically. A stronger, more sustainable balance sheet gives Liquid the platform it needs to pursue the full scope of digital transformation opportunities across Africa, from fiber and cloud to cyber security and AI-enabled infrastructure,” said Hardy Pemhiwa, group CEO, Liquid Intelligent Technologies.

“The quality of the institutions that participated in this transaction is a statement of confidence in Liquid’s fundamentals and in Africa’s digital growth story.”

The bond was accompanied by syndicated ZAR and USD term loan facilities. The $210 million ZAR syndicated term loan was provided by Nedbank, Rand Merchant Bank, Standard Bank, and the International Finance Corporation. The $150 million syndicated term loan was provided by Ninety One, via its own funds and the Emerging Africa and Asia Infrastructure Fund, and The Mauritius Commercial Bank Limited (MCB).

“Together with the $195 million fresh equity injection by Cassava, these instruments retire our prior debt obligations, extend Liquid’s debt maturity profile and provide a natural ZAR currency hedge on our South African revenues, whilst placing net leverage on a firmly downward trajectory,” the company said.

The raise is part of a broader debt pay-down and refinancing completed by Liquid, the pan-African fiber and technology business owned by Cassava Technologies.

Liquid’s fiber network totals more than 110,000km across the African continent. The company also offers cloud and cybersecurity offerings. The company’s data center arm, Africa Data Centres, operates three data centers in South Africa, two in Johannesburg and one in Cape Town. Cassava also has sites across Egypt, Kenya, Morocco, and Nigeria.

Cassava's businesses also include cloud solutions reseller Liquid C2, renewable energy business Distributed Power Africa, fintech company Sasai, and artificial intelligence arm Cassava AI.

J.P. Morgan, Rand Merchant Bank, and Standard Bank acted as Joint Global Coordinators and Joint Bookrunners.