Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

Business of Tech

Liquid Telecom raises $840M financing package

Article Image
Liquid Telecom, the pan-African telecoms group, has raised a bond and loan financing package worth US$840 million to refinance the group's existing debt and support its growth strategy.

"The level of interest from high quality investors has been unprecedented for an African issuer and reflects the confidence that investors have in the future growth strategy for the Group as we address under developed telecommunications and Internet access across Africa," Group CFO Kate Hennessy said in an emailed statement.

The group said the money is expected to help deliver long-term benefits to Liquid Telecom's growing number of enterprise, carrier and retail customers, which currently total over 143,000 customers across 13 countries.

Liquid Telecom is majority owned by Zimbabwean billionaire Strive Masiyiwa's Econet Global.

The package included $620 million in the international bond markets as well as a $220 million equivalent South African Rand term loan.

Liquid said the pricing of the bond attracted over 230 investor orders, including anchor orders from the International Finance Corporation, DEG and the Emerging Africa Infrastructure Fund.

The order book, which totaled $3.2 billion, was more than five times oversubscribed helping to drive a coupon rate of 5.5% compared to the Group's 8.5% debut bond coupon in July 2017.

Liquid's fiber network stretches more than 73,000km and the company also operates data centers in Johannesburg, Cape Town, Nairobi, Harare and Kigali.

Related posts:

— The Staff, Connecting Africa

Innovation hub

Story

Hot startup of the month: Rwanda's Smart Ikigega

This month's hot startup, Smart Ikigega, wants to revolutionize the rural agricultural trade ecosystem in Rwanda by helping farmers access finance and harvest insurance.

Story

Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

More Innovation hub

Sponsored video

More videos

Flash poll

All polls

Latest video

More videos

Africa Tech Perspectives

Story

Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

Story

Challenges and opportunities for women's tech careers

A new survey reveals that COVID-19, the cost-of-living crisis, skills shortages and a lack of mentorship have negatively affected women's career development over the past two years.

Story

Survey: Opportunities for Women in Tech

Take our new survey for women across Asia, Europe and Africa looking at the biggest challenges and opportunities for women-led enterprises and trends in tech careers for women.

More AfricaCom perspectives

Guest Perspectives

Story

Omdia View: July 2022

By Omdia Analysts

Kenya and Zambia move towards 5G with new spectrum allocations while Tunisie Telecom plans to shut down its 3G network - that and more in this month's Omdia View.

Story

Omdia View: June 2022

By Omdia Analysts

5G was the major news trend across Africa in June, as Orange became the first operator to launch 5G in Réunion and operators in Senegal accelerated their 5G plans despite spectrum delays.

More Guest Perspectives

Industry announcements

More Industry announcements

Partner perspectives

All Partner Perspectives

Like us on Facebook

Newsletter Sign Up


Sign Up