White & Case Advises IFC on Anchor Investment in US$620 Million Liquid Telecom Bond

Global law firm White & Case LLP has advised the International Finance Corporation (IFC), a member of the World Bank Group, on its investment in a bond issued by Liquid Telecommunications Financing plc (Liquid Telecom). 

White & Case partner Debashis Dey, who led the deal team, said: "White & Case has a longstanding history of working across a range of strategically important and systemic transactions on the African continent, and this transaction allowed us an opportunity to use that experience to assist IFC in the capital markets and financing space."

On 22 February 2021, Liquid Telecom entered into a financing package totaling a combined US$840 million, consisting of a US$620 million bond and a US$220 million-equivalent South African Rand term loan. IFC played an anchor role in the transaction, and subscribed to US$100 million of the bond.

Proceeds from the bond will enable the Liquid Telecom group to refinance its existing debt and expand its digital infrastructure network across Africa. The group is Africa's largest independent fiber, data center and cloud technology provider, and this new financing package is expected to help deliver long-term benefits to its customers, increase digital connectivity and inclusion in Africa and support the region's growing digital ecosystem.

The White & Case team that advised on the transaction included partners Debashis Dey and Marcus Booth (both Dubai & London), local partner Jennifer Stolp (Johannesburg) and associates Adam Gao (Dubai) and Andrea McKaiser–Walbrugh (Johannesburg).

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