Agreements in place for USD 410 million in new ZAR and USD credit facilities
Leading pan-African technology solutions group, Liquid Intelligent Technologies, a business of Cassava Technologies, today announces the repayment of its South African Rand term loan and Revolving Credit Facility (the “RCF”) and that it has agreed USD 410 million equivalent in new ZAR and USD credit facilities.
Lorraine Harper, Group Chief Financial Officer said:
“Further to the details shared on our recent earnings call at the end of January, we are pleased to announce the repayment of our South African Rand term loan and RCF as well as new agreements for USD 410 million in new credit facilities. These actions, along with recent equity injections, are key milestones in our debt refinance plan which will lead to a significant strengthening of our balance sheet.”
Hardy Pemhiwa, Group Chief Executive Officer said:
“As we approach our upcoming bond refinancing, we remain encouraged by the execution of our strategic roadmap and enhanced capital structure. This refinance is designed to materially de-lever our balance sheet, align earnings with liabilities, and establish an improved maturity profile. These initiatives, bolstered by our new equity partnerships, reinforce our vision to be the leading digital solutions provider in our chosen markets.”
