GuarantCo’s equity reaches $100m
GuarantCo has achieved its first phase contributed equity target of $100m.
Under GuarantCo’s counter-guarantee arrangement with KfW and Barclays the counter-guarantors provide capacity in tranches of amounts equivalent to GuarantCo’s equity. This milestone therefore will not only contribute to strengthening GuarantCo’s balance sheet, but also to increasing GuarantCo’s capacity.
GuarantCo continues to enjoy considerable support from its shareholders, and has a 2nd phase equity target of $150m, to be achieved by end-2012. As per GuarantCo’s revised strategy, the counterguarantee facility is to be restricted to three tranches instead of the previously envisaged four. The 2nd phase equity target would thus result in a total potential capacity of $450m.