Cassava Technologies subsidiary Liquid Intelligent Technologies reported yesterday that it had fully repaid its South African rand (ZAR) loan and US dollar (USD) revolving credit facility.
In tandem with this repayment, Liquid has committed to $410 million in new ZAR and USD loan facilities from a syndicate of commercial and development financing lenders. Cassava Technologies is strengthening Liquid's financial position by investing $195 million in new financing.
Commenting on these developments, Hardy Pemhiwa, President and Group CEO stated: “These transactions, alongside the recent sale of a minority stake in a data centre subsidiary in South Africa, are part of a significant strengthening of our capital structure as we position the Group for accelerated growth. Through our One Cassava ecosystem, we are delivering innovative AI, cloud, data centre, payments, and low latency broadband connectivity solutions to enterprise customers across Africa.”
Cassava stated that Africa Data Centre Holdings (ADCH) remains a wholly owned subsidiary, as the minority stake sale was in the ADCH South Africa business.
Looking ahead, Liquid plans to issue a new $300 million bond to replace its existing $620 million bond before it matures in September 2026.
This move will reduce Liquid's total leverage while strengthening the company's balance sheet, said the company
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