The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company (www.PIDG.org), has committed to purchase up to $ 50,000,000 of a Liquid Telecommunications bond issue, launched on Monday 22rd February 2020. The bond (the “New Note Offer”) aims to raise US $ 600 million which will be used to refinance existing debt and for corporate purposes. The issuer will be Liquid Telecommunications Financing plc, a wholly-owned subsidiary of Liquid Telecommunications Holdings Limited.
EAIF, acting through its agent Ninety One SA (Pty) Ltd, as well as the International Finance Corporation (IFC) and DEG-Deutsche Investitions-und Entwicklungsgesellschaft mbH (DEG), have committed to place orders for ‘purchase up to a total of 178 million US dollars. in the offer of new tickets.
Liquid Telecommunications has built Africa’s largest independent fiber network of over 73,000 km. The company serves telecom and digital industry customers as well as commercial, public sector and national users with a wide range of connectivity, hosting and cloud products, including Microsoft 365 and Microsoft Azure.
Sumit Kanodia, Director of Investments at Ninety One, Director of EAIF, said: “The growth of Africa’s digital infrastructure is a cornerstone to recovering the continent from the global economic devastation of Covid. EAIF has supported the growth of the digital and telecommunications sector in Africa since 2003. We have supported projects including marine and terrestrial optical fibers, communication towers and satellites which have brought advanced communications to Africa and have had a significant impact on the economic development of many countries. Liquid Telecommunications is a dynamic and successful company that we are happy to support. “
EAIF’s backing of Liquid Telecommunications bond issuance is its fourth major digital and telecommunications deal in Africa in the past 12 months. In 2020, EAIF supported bond issues by Helios Towers plc and Sonatel, the regional digital and telecommunications company based in Senegal. Bond issues mobilized C $ 800 million of private capital invested in African high-tech companies. EAIF has also loaned US $ 40 million to West Indian Ocean Cable Co (WIOCC), as part of WIOCC’s business development program.
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