Africa’s biggest fibre company raises $840 million in bond sale | Fin24

  • 📰 News24
  • ⏱ Reading Time:
  • 65 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 80%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Liquid Telecom, majority owned by telecoms tycoon Strive Masiyiwa, raised $840 million in a bond sale to refinance debt and expand further into Africa. | Fin24

ShareLiquid Telecom, majority owned by telecoms tycoon Strive Masiyiwa, raised $840 million in a bond sale to refinance debt and expand further into Africa.

The sale was conducted by joint bookrunners JPMorgan Chase & Co., Standard Chartered and Standard Bank Group, Liquid Chief Financial Officer Kate Hennessy said on Thursday by email.The offering was 5.5 times oversubscribed, Hennessy said. “The level of interest from high-quality investors has been unprecedented for an African issuer and reflects an excess of 220 investor orders,” she said. “The order book shows the confidence that investors have in the future growth strategy for the group.”

Liquid has installed more than 70 000 km of fiber across Africa. It operates five data centers in South Africa, Kenya and Rwanda. Demand for higher-speed internet connections and data storage is increasing on the continent as hundreds of millions of people start connecting to the internet, mostly using their mobile phones.

The bond was listed on the Euronext Dublin exchange on Thursday, according to the IFC. The proceeds will be used to pay existing debt and to increase access to broadband services, the company said.In times of uncertainty you need journalism you can trust. For only, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines