Burford Capital prices, upsizes $500m private offering

(Sharecast News) - Burford Capital said on Wednesday that it has priced and upsized a private offering of senior notes, raising $500m through an issue carrying an 8.500% coupon and maturing in 2034. The AIM-traded litigation finance group said the notes would be issued by its indirect wholly-owned subsidiary, Burford Capital Global Finance LLC, and would be guaranteed on a senior unsecured basis by Burford Capital.

It said the transaction represented an increase from the previously-announced offering size and was expected to close on 15 January, subject to customary closing conditions.

Burford said it intended to use the net proceeds to redeem, as soon as it can after closing, its outstanding 5% bonds due 2026, with any remaining funds to be used for general corporate purposes, including the potential repayment or retirement of other existing indebtedness.

At 1140 GMT, shares in Burford Capital were down 0.25% at 707.2p.

Reporting by Josh White for Sharecast.com.