18th Sep 2026 11:52
Burford Capital Ltd - London- and New York-based litigation financing - Says USD300 million issue of senior secured notes due 2029 by subsidiary Burford Capital Global Finance LLC is about 10-times oversubscribed, with the coupon "materially reduced" from the 8.0% indicated at the launch on Tuesday. Burford doesn't on Friday provide the final coupon of the issue. It says the funds from the new debt notes, together with USD100 million in cash on hand, will be used to redeem USD400 million in 6.25% senior notes due in April 2028.
Burford now has more than three years until its next debt maturity, it notes, including the new issuance and a April 2030 maturity.
Chief Executive Officer Christopher Bogart says the debt issue "closed a noisy chapter" for Burford, following the "surprising and disappointing - and wrong, in our view" YPF appellate decision. Back in March, a US appeals court overturned a USD16 billion judgement against Argentina for nationalising the oil company YPF in 2012. Burford had invested in the case, and its shares dropped 42% on the day of the court decision.
"We trust that the removal of this final distraction - a near-term debt maturity - and the overwhelming support for our new issue will now allow the market to focus entirely on the long-term value of this business, which for 17 years has been producing high returns on its investments," Bogart says.
Current stock price: 305.83 pence, up 0.7% in London on Friday around noon
12-month change: down 68%
By Tom Waite, Alliance News editor
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