Appleby Mauritius assists consortium of lenders on refinancing and issue of USD300m senior secured notes by Liquid Intelligent Technologies
The Appleby Mauritius team has advised a consortium of lenders comprising The Standard Bank Of South Africa Limited, FirstRand Bank Limited, Nedbank Limited, Ninety One Sa Proprietary Limited, The Emerging Africa & Asia Infrastructure Fund Limited, The Mauritius Commercial Bank Limited and International Financial Corporation on the broad refinancing effort by Liquid Telecommunications Financing plc, being a subsidiary of Liquid Telecommunications Holdings Limited, trading as Liquid Intelligent Technologies. The refinancing included the creation of new loan facilities and a new offering of USD300 million in U.S. dollar-denominated senior secured notes due 2031 at a 10.75% coupon. The bond was accompanied by syndicated ZAR and USD term loan facilities. 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 USD620 million 5.500% senior secured notes due 2026.
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.
For more information about the deal, please see:
Liquid’s new $300m bond reflects investor confidence
The Appleby Mauritius team comprised of Group Managing Partner Malcolm Moller, and Counsel Melissa Naik.
