Liquid Telecom seeks billions more for SA, Africa expansion
23 June 2017
Liquid Telecom, which recently concluded the R6.5bn acquisition of Johannesburg-headquartered Neotel, is raising US$700m (about R9bn) in long-term debt as it eyes further investment in network infrastructure in South Africa and elsewhere on the continent.
The pan-African telecommunications group, which is controlled by billionaire Zimbabwean businessman Strive Masiyiwa’s Econet Group, is issuing a $600m, five-year bond and is taking a new, $100m bank loan. Liquid Telecom is being advised by Standard Bank (lead adviser), with Standard Chartered and Citibank assisting.
The new fundraising round, which includes refinancing some of Liquid’s existing short- and long-term debt, comes after CEO Nic Rudnick revealed in an interview with TechCentral in February that the company intends spending billions of rand expanding Neotel’s data centres, wireless networks and fixed-line broadband infrastructure. Read the full article in Techcentral here.