Liquid Telecom successful placing of $840m bond and term loan financing package
The successful pricing of the bond, which launched on 22 February, attracted in excess of 230 investor orders, including anchor orders from the International Finance Corporation, DEG and the Emerging Africa Infrastructure Fund.
London, 25 February 2021 Liquid Telecommunications Financing PLC, part of the leading pan-African telecoms group Liquid Telecom, which is majority owned by Strive Masiyiwa’s Econet Global, supported by its Joint Global Bookrunners, has successfully arranged its bond and term loan financing package totalling a combined $840m equivalent to refinance the group’s existing debt and to support its growth strategy.
The successful placing of $840m included $620m in the international bond markets as well as a $220m equivalent South African Rand term loan. The successful pricing of the bond, which launched on Monday 22 February, attracted in excess of 230 investor orders, including anchor orders from the International Finance Corporation, DEG and the Emerging Africa Infrastructure Fund.
The order book, which totalled $3.2bn, 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. The new financing package 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 of operation.
Liquid Telecom serves businesses of all sizes through a differentiated, comprehensive and expanding digital solutions service offering.
Kate Hennessy, Group Chief Financial Officer said: “We are very pleased, considering the challenging times we are in, that investors in the international debt markets have supported us with such a successful refinance. 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.”
About Liquid Telecom
Liquid Telecommunications is a leading communications solutions provider across 13 countries primarily in Eastern, Southern and South Africa that serves mobile operators, carriers, enterprise, media and content companies and retail customers with high-speed, reliable connectivity, hosting and co-location and digital services. It has built Africa’s largest independent fibre network, stretching more than 73,000km. www.liquidtelecom.com
