Liquid Intelligent Technologies Resets Its Balance Sheet With $410 Million Credit Facilities and Fresh Capital Injection

LONDON, United Kingdom — February 25, 2026.

In a decisive financial restructuring that signals both discipline and ambition, Liquid Intelligent Technologies, a core business of Cassava Technologies, has cleared its existing debt obligations while securing fresh capital to accelerate its expansion across Africa’s fast-evolving digital economy.

The company confirmed the full repayment of its ZAR-denominated term loan and USD revolving credit facility, effectively resetting its short-term debt exposure. Simultaneously, it has secured $410 million in new credit facilities—structured across both rand and dollar tranches—from a mix of commercial banks and development finance institutions.

Cassava Technologies has further reinforced this position with a $195 million equity injection, underscoring a broader strategy to strengthen liquidity while funding long-term infrastructure growth.

A Strategic Reset, Not Just Refinancing

At face value, the move is a refinancing exercise.

In practice, it represents a recalibration of capital structure at a time when African digital infrastructure players are navigating tighter global capital markets, rising interest rates, and increased investor scrutiny.

By retiring existing debt and replacing it with new facilities—while simultaneously injecting equity—Liquid is reducing refinancing risk and improving balance sheet flexibility.

Group CEO Hardy Pemhiwa framed the move as part of a larger transformation:

“We are strengthening our capital structure to support accelerated growth… Through the One Cassava ecosystem, we are delivering AI, cloud, data centre, payments, and low-latency connectivity solutions across Africa.”

The emphasis is not just on stability—but scalability

Positioning for Africa’s Digital Acceleration

Liquid sits at the center of one of Africa’s most critical growth sectors: digital infrastructure.

The company’s footprint includes:

• Over 110,000 km of fibre broadband network across the continent

• Satellite connectivity enabling coverage in underserved regions

• Expanding capabilities in cloud computing, cybersecurity, and enterprise solutions

As demand for data, cloud services, and AI infrastructure accelerates across Africa, the ability to finance and deploy large-scale networks is becoming a defining competitive advantage.

This capital restructuring positions Liquid to:

• Expand fibre and last-mile connectivity

• Scale data centre capacity through affiliated platforms

• Support enterprise demand for secure, low-latency digital services

The Data Centre Dimension

A key element of the broader strategy is the evolving role of Africa Data Centres (ADC), part of the Cassava ecosystem.

While Cassava recently sold a minority stake in its South African data centre business, the broader Africa Data Centre Holdings platform remains fully owned—signaling a selective approach to capital partnerships.

This hybrid model—retaining control while unlocking external capital—reflects a growing trend among African infrastructure players seeking to balance ownership with funding efficiency

The Next Move: Bond Market Re-entry

Looking ahead, Liquid plans to issue a new $300 million bond, replacing its existing $620 million bond ahead of its September 2026 maturity.

The objective is clear:

• Reduce overall leverage

• Extend debt maturity profiles

• Improve cost of capital

In a market where refinancing risk has become a critical concern, pre-emptive bond restructuring sends a strong signal to investors: balance sheet management is proactive, not reactive.

Why This Matters for Africa’s Tech Ecosystem

Liquid’s moves are not happening in isolation—they reflect a broader shift in how African tech infrastructure is being financed.

Three themes stand out:

1. Capital Discipline is Back

Growth-at-all-costs is giving way to structured, sustainable financing models.

2. Infrastructure is the Real Battleground

As AI, cloud, and fintech scale, the underlying networks—fibre, data centres, connectivity—are becoming the core assets.

3. Hybrid Financing Models Are Emerging

Blending equity injections, syndicated debt, and selective asset partnerships is becoming the preferred strategy.

The Strategic Takeaway

Liquid Intelligent Technologies is positioning itself for the next phase of Africa’s digital expansion—not by chasing growth blindly, but by engineering the financial capacity to sustain it.

In a continent where connectivity gaps remain significant but demand is accelerating, the winners will not just be those who build networks—but those who can finance, maintain, and scale them efficiently.

The Bottom Line

Africa’s digital future is not constrained by demand.

It is constrained by infrastructure—and the capital required to build it.

Liquid has just strengthened its ability to deliver both.

 

Distributed by APO Group on behalf of Cassava Technologies. Enhanced analysis and editorial by Streamline.