Burford Capital Limited has raised a further GBP100 million (approximately USD144 million) through an oversubscribed issue of bonds on the Main Market of the London Stock Exchange by Burford Capital PLC, its UK financing subsidiary.
The bonds will pay interest at an annual rate of 6.125 per cent and mature on 26 October 2024.
Combined with Burford’s prior investment commitments, this new capital once deployed will take Burford’s cumulative litigation finance investment commitments to approximately USD1 billion. Burford’s portfolio is large and widely diversified, with more than 500 individual litigation matters underlying its investments for clients from around the world. Burford continues to see strong demand from law firms and corporate clients for its capital and professional services.
Christopher Bogart, Burford’s Chief Executive Officer, says: “We are very pleased with the strong response to our second bond issue, which at GBP100 million has well exceeded our first issue and continues to provide us with an unmatched capital base. The legal sector is rapidly evolving alternative economic models and demand is increasing globally for Burford’s services. The use of external capital by law firms to support their growth is accelerating, even as corporate clients seek new ways to manage ongoing costs and monetize litigation assets.
“We are grateful for the continuing support of our investors in both our bonds, which has permitted this further expansion of our business, and our shares. 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.