Liquid retires US$620m bond ahead of schedule

STAFF WRITER
Liquid Intelligent Technologies, the parent of Liquid Zimbabwe, has retired its US$620 million five-year bond ahead of its September maturity date.
In a strategy commonly used by major global corporates, Liquid repaid the bond in full before issuing a new five-year bond worth US$300 million, ensuring continued access to long-term capital to fund its expansion.
The move signals a deliberate recalibration of the company’s capital structure – aimed at lowering leverage, managing refinancing risk, and aligning debt levels more closely with current investment needs.
Market response to the new issuance was robust, with demand exceeding supply by more than two times. This level of oversubscription shows sustained investor appetite for African infrastructure-backed telecom assets, particularly those with diversified revenue streams and cross-border scale.
Liquid’s footprint spans 31 African countries, with operations across fibre networks, satellite services, cloud computing, and cybersecurity – segments that continue to benefit from structural growth in data demand and enterprise digitisation.
The transaction also highlights Liquid’s continued access to international capital markets.
Despite being privately held, the company remains one of a limited pool of African issuers able to raise and refinance debt through European markets, a capability that reflects both its operating scale and perceived creditworthiness.
Liquid is a wholly-owned subsidiary of Cassava Technologies, founded by UK-based, Zimbabwean-born entrepreneur Strive Masiyiwa.
Masiyiwa is also the founder of the Econet Wireless telecoms group, an equally expansive Pan African group that he controls separately.