Liquid Term Loan 2

pending

Liquid Intelligent Technologies (LIT or “the company”), a subsidiary of Cassava Technologies (“Cassava” or “the group”), is a pan-African digital infrastructure and fiber broadband network provider with operating companies (OpCos) across 25 countries, primarily in sub-Saharan Africa (https://za.liquid.tech/). Both LIT and Cassava are existing IFC clients since 2020, following a Eurobond issuance and parallel term loan facility (https://disclosures.ifc.org/project-detail/ESRS/44798/liquid-telecom-bond), an equity investment (https://disclosures.ifc.org/project-detail/ESRS/45192/liquid-telecom-equity), and a further term loan to a LIT subsidiary, Liquid ECG Infraco (https://disclosures.ifc.org/project-detail/ESRS/48131/liquid-ecg).    IFC is proposing a further A-loan investment to LIT of up to US$ 40 million ZAR equivalent and a complementary Managed Co-Lending Portfolio Program (MCPP) and other B-lender mobilization of US$ 100 million. The proposed loan will be used to refinance the company’s existing ZAR debt and to repurchase part of its bond and prevailing prices.