Liquid Intelligent Technologies, a subsidiary of Cassava Technologies, has repaid its ZAR term loan and USD revolving credit facility in full, while securing $410 million in new credit lines as part of a broader balance sheet restructuring aimed at accelerating growth across Africa.
The pan-African digital infrastructure provider said the new facilities, denominated in both South African rand and U.S. dollars, were arranged through a syndicate of commercial and development finance institutions. In addition, Cassava Technologies will inject $195 million in fresh equity into the business to further strengthen its capital base.
Group President and CEO Hardy Pemhiwa described the refinancing as a strategic move to position the company for expansion. The transactions follow the recent sale of a minority stake in a South African data centre subsidiary, part of efforts to optimize capital allocation while retaining operational control of key assets.
Africa Data Centre Holdings remains wholly owned by Cassava, the company clarified, noting that only the South African unit saw a minority stake divested.
Looking ahead, Liquid plans to issue a new $300 million bond to refinance its existing $620 million bond ahead of its September 2026 maturity. The proposed bond issuance is expected to lower overall leverage and improve liquidity flexibility.
Liquid operates one of Africa’s largest digital backbones, with over 110,000 kilometers of fibre infrastructure spanning multiple markets. The company provides broadband connectivity, cloud, cybersecurity, satellite services and enterprise digital solutions across more than 40 countries.
The refinancing signals confidence in demand for digital infrastructure across the continent, as enterprises, governments and fintech operators scale AI, cloud computing and payments platforms. By deleveraging and securing longer-term funding, Liquid is positioning itself to compete more aggressively in Africa’s rapidly evolving technology landscape.
For Cassava Technologies, which operates across Africa, the Middle East, Latin America and the United States, the move underscores a broader ambition to build a vertically integrated digital ecosystem anchored in connectivity, data centres, artificial intelligence and financial technology.
As digital transformation accelerates across African economies, access to stable and diversified funding remains critical. Liquid’s latest financial restructuring suggests that infrastructure players are preparing not only for growth, but for a more competitive and capital-intensive future.
