Africa’s Largest Fiber Company Raises $840 Million in Bond
- JPMorgan, Standard Chartered, Standard Bank worked on deal
- Funds will be used to refinance debt, further Africa expansion
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.
Photographer: Trevor Snapp/Bloomberg
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Liquid Telecom Ltd., majority owned by African telecoms tycoon Strive Masiyiwa, raised $840 million in a bond and loans to refinance debt and expand further into Africa.
The fundraising was conducted by joint book-runners JPMorgan Chase & Co., Standard Chartered Plc and Standard Bank Group Ltd., Liquid Chief Financial Officer Kate Hennessy said Thursday by email. The offering was 5.5 times oversubscribed, she said.