Strive Masiyiwa’s Liquid Intelligent secures $410 million credit facility after debt repayment  

Liquid Intelligent Technologies, part of Cassava Technologies owned by Zimbabwean billionaire Strive Masiyiwa, has repaid its South African rand term loan and revolving credit facility and lined up the equivalent of $410 million in new funding. 

The refinancing combines rand- and dollar-denominated credit facilities and comes alongside fresh equity support from its parent.

Cassava Technologies is injecting $195 million into the business, strengthening Liquid’s balance sheet ahead of a broader debt overhaul.

$300m bond planned

The repayment and new facilities follow updates shared during Cassava’s earnings call in late January. Lorraine Harper, group chief financial officer, said the steps mark progress in a wider refinancing effort. 

“We’re pleased to confirm the repayment of our South African rand term loan and revolving credit facility, along with agreements for new credit facilities totaling $410 million,” Harper said. “Together with recent equity injections, these moves support our plan to reduce debt and improve the group’s financial position.” 

Liquid is also preparing to refinance its existing bond. The company plans to issue a new $300 million bond to replace a $620 million note that matures in September 2026. 

Hardy Pemhiwa, group chief executive, said the refinancing is aimed at bringing liabilities more closely in line with earnings and spreading out repayment dates. 

“As we move toward our bond refinancing, we’re encouraged by the progress made on our funding structure,” Pemhiwa said. “This is about reducing leverage, improving maturity profiles and putting the business on firmer footing as we serve our markets.”

Cassava Technologies backs Liquid refinancing

The announcement builds on earlier steps taken in November 2025, when Cassava said it had completed transactions expected to raise more than $150 million in equity for Liquid.

Those included $100 million from the sale of a minority stake in Africa Data Centre in South Africa to STANLIB, $25 million from an equity investment by NVIDIA, and $25 million from existing Cassava shareholders. 

Beyond the funding itself, the refinancing underscores how Liquid is navigating a tough environment for telecoms and digital infrastructure operators across Africa, where capital spending needs remain high and borrowing costs elevated. 

By drawing on bank loans, development capital and shareholder backing, Liquid is seeking room to keep investing across its footprint. The company operates in multiple African markets, providing connectivity, cloud services, cybersecurity and data centre capacity. 

The next milestone will be completing the planned bond issue and turning the improved funding structure into steady operating results. 

Masiyiwa bets billions on connectivity

Liquid Intelligent Technologies operates under Cassava Technologies, which has roots in Africa and activities spanning more than 40 markets across Africa, the Middle East and Latin America. 

Masiyiwa, whose net worth Forbes estimates at about $2.1 billion, has long argued that digital infrastructure is central to narrowing Africa’s connectivity gap and supporting economic growth.