Burford Capital Burford Raises £175million (US$225m) in Bond Issue (6670F)
19 May 2017 - 7:05PM
UK Regulatory
TIDMBUR
RNS Number : 6670F
Burford Capital
19 May 2017
19 May 2017
BURFORD CAPITAL RAISES $225 MILLION IN BOND ISSUE
TO FURTHER SUPPORT CLIENT DEMAND AND BUSINESS GROWTH
Burford Capital Limited ("Burford"), a leading global finance
firm focused on law, announces that it has today raised GBP175
million (approximately $225 million) through an oversubscribed
issue of bonds on the Main Market of the London Stock Exchange by
Burford Capital PLC, its financing subsidiary. The bonds will pay
interest at an annual rate of 5% and mature on 1 December 2026.
This new capital will permit Burford to continue growing its
legal finance business, which already stands at more than $2
billion invested and available for investment. Burford's portfolio
today is larger and more widely diversified than ever before, with
hundreds of individual litigation matters underlying its
investments for clients from around the world along with an
ever-increasing range of diverse and innovative transactions.
In addition to using the proceeds of the GBP175 million bond
issue in its investment activities, Burford intends to repay early
the $43.75 million of loan notes due 2019 created as part of the
December 2016 acquisition of Gerchen Keller Capital.
Christopher Bogart, Burford's Chief Executive Officer,
commented:
"We are delighted with the strong response to this bond issue,
which has well exceeded both our previous issues and continues to
provide us with a flexible and immediately accessible capital base
to address the attractive opportunities we see.
"Law firms and corporate clients are coming to us with needs
which have evolved far beyond the single-case financing model on
which this industry is founded - although that remains a core area
of our business. This additional long-term capital will enable us
to continue to meet the global demand for Burford's services and
further solidifies our position as the industry leader with the
industry's lowest cost of capital.
"We appreciate the ongoing support of our investors through our
debt and equity, which together enable the further expansion of our
business. We look forward to demonstrating Burford's further
potential."
The bonds have not been and will not be registered under the US
Securities Act of 1933, as amended, and may not be offered and sold
in the United States absent registration or an applicable exemption
from registration.
For further information, please contact:
Peel Hunt LLP (Lead Manager on +44 (0) 20
the Bond) 7418 8900
Adrian Bell
Mark Glowrey
Henrietta Podd
Macquarie Capital (Europe) Limited +44 (0)20 3037
- NOMAD 2000
Jonny Allison
Nicholas Harland
Neustria Partners - Financial +44 (0)20 3021
Communications for Burford Capital 2580
Robert Bailhache [email]
Charles Gorman [email]
Nick Henderson [email]
About Burford Capital
Burford Capital is a leading global finance firm focused on law.
Its businesses include litigation finance and risk management,
asset recovery and a wide range of legal finance and advisory
activities. Burford is publicly traded on the London Stock
Exchange, and it works with law firms and clients around the world
from its principal offices in New York, London and Chicago.
For more information about Burford, visit
www.burfordcapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
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