Liquid Intelligent Technologies to launch US$700 million bond and term loan financing packageLondon, June 23, 2017
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Additional funds will support the group’s long-term vision of a more connected Africa
Liquid Intelligent Technologies Financing PLC, part of the leading pan-African telecoms group Liquid Intelligent Technologies, has today announced its intention to launch a US$700 million bond and term loan financing package to refinance the group’s existing debt and to support its growth strategy.
The funds from the new financing are intended to support Liquid Intelligent Technologies as it continues to rapidly scale and expand its network capabilities and service offering across Africa. Through a combination of organic growth and acquisition, Liquid Intelligent Technologies has built Africa’s largest independent fibre network, stretching over 50,000km and connecting more countries on a single network than any other.
The new financing package is also expected to help deliver long-term benefits to Liquid Intelligent Technologies’s growing number of enterprise, carrier and retail customers, which currently includes over 113,000 customers across 13 countries of operation. Liquid Intelligent Technologies serves businesses of all sizes through an extended service offering, which includes integrated software, cloud, hosting and connectivity capabilities.
“Today is another important step for Liquid Intelligent Technologies as we continue our journey to bring high-speed connectivity to more of Africa,” said Nic Rudnick, Group CEO, Liquid Intelligent Technologies. “Through additional funding, we hope to be able to continue this period of accelerated growth for the group, enabling us to extend our network footprint across more of the continent.”
Liquid Intelligent Technologies has mandated Joint Lead Managers and Joint Bookrunners to arrange a series of meetings with fixed income investors in Europe, the US and Asia commencing June 23, 2017.
A US$-denominated Regulation S / Rule 144A benchmark senior secured note offering will follow subject to market conditions. The proceeds of the issuance will be used for refinancing existing debt and general corporate purposes. The proposed senior secured notes are expected to be rated in line with the corporate ratings of 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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