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Liquid Telecom raises $840M financing package

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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.

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