GuarantCo backs Quantum Terminals' landmark Ghana bond

GuarantCo has signed a deal with Quantum Terminals in support of Quantum's LPG storage business in Ghana. Quantum Terminals is issuing a GHS 45 million ($10 million), ten-year corporate bond on the Ghanaian Stock Exchange, with a 75% partial credit guarantee from GuarantCo. It represents the first corporate bond to be issued by a non-financial institution in Ghana. It is the first tranche of a GHS 140 million bond programme by the company.

The Emerging Africa Infrastructure Fund (EAIF) has also agreed terms on a $10 million loan to Quantum Terminals. EAIF and GuarantCo are the joint mandated lead arrangers of the debt finance for the gas storage and power station projects. Financial close is expected later this month.