Zimbabwean billionaire Strive Masiyiwa’s Liquid Intelligent prices $300 million notes for Africa expansion

Liquid Telecommunications Financing Plc, a unit of Liquid Intelligent Technologies, has priced $300 million in U.S. dollar-denominated senior secured notes due 2031 at a 10.75% coupon, the company said. 

The debt sale drew strong interest from investors, with orders exceeding the amount on offer by about 2.5 times. Development finance institutions, including DEG-Deutsche Investitions- und Entwicklungsgesellschaft mbH, were among key backers. The offering is expected to close on April 14, 2026.

Refinancing plan takes shape 

The new notes are part of a broader refinancing effort led by parent company Cassava Technologies, founded by Zimbabwean billionaire Strive Masiyiwa. The plan combines fresh debt with a capital injection from the parent company. 

Proceeds from the bond sale, alongside new term loan facilities, will be used to repay $620 million in existing notes due 2026. 

The move is aimed at easing near-term repayment pressure and extending debt maturities, giving the company more room to fund operations and expansion. 

Chief Executive Officer Hardy Pemhiwa said investor appetite for the deal reflects confidence in the business despite a challenging global backdrop. 

“Investor support shows continued belief in our model and in the role we play in expanding digital access across Africa,” Pemhiwa said. “This funding strengthens our position as we continue to build a more connected future across the continent.”

Liquid Intelligent leads digital connectivity growth

Headquartered in the U.K., Cassava Technologies operates in more than 30 countries across Africa, the Middle East, and Latin America. Its portfolio includes Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech, all recognized leaders in their fields. 

Liquid Intelligent Technologies manages a 114,000-kilometer fiber broadband network and satellite connectivity, delivering high-speed internet access to businesses, governments, and small enterprises. Its infrastructure supports cloud, cybersecurity, and other digital services across the continent. 

Recently, the company secured $410 million in new credit after settling a South African rand loan and revolving credit facility, positioning it for continued expansion. 

Masiyiwa backs Africa’s digital growth

Liquid Telecommunications Financing Plc, the company’s financing arm, offers telecommunications services including data, voice, internet protocol, and payment solutions to clients worldwide. 

Masiyiwa, whose net worth Forbes estimates at $2.2 billion, has emphasized the importance of investing in Africa’s digital infrastructure as a key driver for connectivity and economic growth.