Liquid Intelligent Technologies to launch US$180 million tap issue of its US$550 million 8½% Senior Secured Notes due 2022London, November 06, 2017
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Liquid Intelligent Technologies Financing PLC, part of the leading pan-African telecoms group Liquid Intelligent Technologies, has today announced its intention to launch a tap issue of its 8½% Senior Secured Notes due 2022 with a nominal value of US$180 million (the “New Notes”).
The New Bonds are to be issued on the same terms (save for the issue price) as, and will form a single series with, the US$550 million 8½% Senior Secured Notes due 2022 issued by Liquid Intelligent Technologies Financing PLC on July 13, 2017 (the “Original Notes”)
The net proceeds of the New Notes will be used for the repayment of certain existing indebtedness and for general corporate purposes, intended to support Liquid Intelligent Technologies as it continues to expand its network capabilities and service offering across Africa. Through a combination of organic growth and acquisition, Liquid Intelligent Technologies has built Africa’s largest independent fibre network, stretching over 50,000km and connecting more countries on a single network than any other.
The new financing is also expected to help deliver long-term benefits to Liquid Intelligent Technologies’s growing number of enterprise, carrier and retail customers, which currently include over 93,200 customers across 13 countries of operation. Liquid Intelligent Technologies serves businesses of all sizes through an extended service offering, which includes integrated software, cloud, hosting and connectivity capabilities.
The New Notes are expected to be rated Ba3 (stable) by Moody's, and B+ (stable) by Fitch. Relevant stabilisation regulations including FCA/ICMA apply.
The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or any U.S. state securities laws, and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. No public offering of any securities referred to herein is being made in the United States.
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