Liquid Intelligent Technologies Announces Successful Pricing of New Senior Secured Notes Offering

 

Liquid Telecommunications Financing plc (the “Issuer”), a subsidiary of Liquid Telecommunications Holdings Limited (the “Company), trading as Liquid Intelligent Technologies (“Liquid”) (https://Liquid.Tech/),  is pleased to announce that it has successfully priced an offering (the “Offering”) of US$300 million aggregate principal amount of new US$-denominated senior secured notes due 2031 (“Notes”) at a fixed coupon of 10.750% per annum. The transaction which was oversubscribed two and half times, included anchor orders from certain development finance institutions, including DEG-Deutsche Investitions-und Entwicklungsgesellschaft mbH. The Offering is expected to close on April 14, 2026. 

As previously announced, the Offering forms part of a series of transactions that Liquid has undertaken with a view to refinancing its outstanding debt through a combination of new debt financings and a cash injection from its parent, Cassava Technologies (the “Refinancing”). The Refinancing is intended to significantly enhance Liquid’s capital structure by reducing its overall debt and markedly improving its debt maturity profile, resulting in a stronger balance sheet to support Liquid’s growth ambitions and value creation. The proceeds from the Offering, together with proceeds from new term loan facilities entered into by the Company as part of the Refinancing, will be used to repay the Issuer’s outstanding US$620 million 5.500% senior secured notes due 2026 (the “Existing 2026 Notes”).

Hardy Pemhiwa, Group Chief Executive Officer said:

 “Against a backdrop of global uncertainty, we are encouraged by the strong support and significant demand from international investors for our bond offering. Their confidence underscores the resilience of our business model and the scale of the opportunity to anchor Africa’s digital transformation, which we are uniquely placed to lead. This financing together with the investments we have previously received strengthens our financial position and ensures that we are well positioned to deliver on our mission of a digitally connected future that leaves no African behind.”

Distributed by APO Group on behalf of Liquid Intelligent Technologies.

Enquiries:
Mark Reynolds
Head of Investor Relations
M: +447468 846195  
E: mark.reynolds@liquid.tech

About Liquid:
Liquid Intelligent Technologies is a business of Cassava Technologies, a pan-African technology group with operations in over 25 countries in Africa. Liquid has firmly established itself as the leading provider of pan-African digital infrastructure with a 114,000+ km-long fibre 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 Cyber Security solutions through strategic partnerships with leading global players. Liquid is a comprehensive technology solutions group that provides customised digital solutions to public and private sector enterprises and SMEs across the continent.

Follow us on LinkedIn: ‘Liquid Intelligent Technologies’ and X: @LiquidInTech.

DISCLAIMER:
This announcement does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security and shall not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction.

The Notes and the guarantees thereof will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the Notes will be offered in the United States only to qualified institutional buyers in reliance on Rule 144A and to persons outside the United States in reliance on Regulation S under the Securities Act. Unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

MiFID II/UK MiFIR professionals/ECPs-only/No PRIIPs KID. Manufacturer target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in the European Economic Area or the United Kingdom.

This communication is being distributed only to, and is directed at persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”) (ii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Promotion Order, (iii) are outside the UK or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) in connection with the issue and sale of any Notes may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This announcement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.

The distribution of this announcement into certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement may include projections and other “forward-looking” statements within the meaning of applicable securities laws. Any such projections or statements reflect the current views of the Issuer about future events and financial performance. The use of any of the words “expect,” “anticipate,” “continue,” “will,” “project,” “should,” “believe,” “plans,” “intends” and similar expressions are intended to identify forward-looking information or statements. Although the Issuer believes that the expectations and assumptions on which such forward-looking statements and information are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Issuer can give no assurance that such statements and information will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements and information contained in this announcement are made as of the date hereof and the Issuer undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Statements of intent or expectation in this announcement shall not constitute a notice of redemption under the indenture governing the Existing 2026 Notes. Any such notice, if made, will only be made in accordance with the provisions of the relevant indenture.