Liquid Telecommunications Financing plc (the “Issuer”), a subsidiary of Liquid Telecommunications Holdings Limited (the “Company), trading as Liquid Intelligent Technologies (“Liquid”), has announced that it has successfully priced an offering (the “Offering”) of US$300 million aggregate principal amount of new US$-denominated senior secured notes due 2031 (“Notes”) at a fixed coupon of 10.750% per annum.
The transaction which was oversubscribed two and half times, included anchor orders from certain development finance institutions, including DEG-Deutsche Investitions-und Entwicklungsgesellschaft mbH. The Offering is expected to close on April 14, 2026.
As previously announced, the Offering forms part of a series of transactions that Liquid has undertaken with a view to refinancing its outstanding debt through a combination of new debt financings and a cash injection from its parent, Cassava Technologies (the “Refinancing”). The Refinancing is intended to significantly enhance Liquid’s capital structure by reducing its overall debt and markedly improving its debt maturity profile, resulting in a stronger balance sheet to support Liquid’s growth ambitions and value creation. The proceeds from the Offering, together with proceeds from new term loan facilities entered into by the Company as part of the Refinancing, will be used to repay the Issuer’s outstanding US$620 million 5.500% senior secured notes due 2026 (the “Existing 2026 Notes”).
