Liquid Intelligent Technologies, a business of Cassava Technologies, has today confirmed the full repayment of its ZAR term loan and USD revolving credit facility.
In tandem with this repayment, Liquid has agreed $410 million in new ZAR and USD credit facilities from a syndicate of commercial and development finance lenders. Cassava Technologies is further reinforcing Liquid’s financial position by injecting $195 million in fresh capital into the business.
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.”
Africa Data Centre Holdings (“ADCH”) remains a wholly owned subsidiary of Cassava Technologies as the minority stake sale was in the ADCH South Africa business.
Looking ahead, Liquid intends to issue a new $300 million bond to replace its existing $620 million bond in advance of its maturity in September 2026. This move will reduce Liquid’s overall leverage and further strengthen the company’s balance sheet.
Africa Fact: A visitor in 1331 AD considered the Tanzanian city of Kilwa to be of world class. He wrote that it was the “principal city on the coast the greater part of whose inhabitants are Zanj of very black complexion.” Later on he says that: “Kilwa is one of the most beautiful and well-constructed cities in the world. The whole of it is elegantly built.”
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According to CNNGo (CNN’s Travel Website), Cape Town is the 9th most loved city in the world in 2012.