Burford Capital Limited announced on September 14 that its indirect, wholly owned subsidiary, Burford Capital Global Finance LLC, priced $300 million of 8% senior secured notes due 2029, with closing expected September 17 subject to customary conditions. Net proceeds and existing cash are intended to redeem the subsidiary's 6.25% unsecured notes due in 2028, moving that maturity into 2029 at a coupon 175 basis points higher. The offering announcement confirmed $400 million of outstanding 2028 notes, and Burford Capital said it expected to issue a conditional notice targeting September 24, 2026, for redemption of all $400 million, subject to successful completion of the $300 million financing. Redeeming the confirmed $400 million balance with $300 million of replacement notes would reduce gross principal by $100 million, cutting calculated annual coupons from $25 million to $24 million before fees and other financing costs. Burford Capital will guarantee the new notes, which carry senior liens on substantially all assets of the financing subsidiary and the capital stock of certain subsidiaries, subject to exceptions.
Burford Capital LtdBurford prices $300M of 8% secured notes to redeem $400M of 6.25% 2028 notes, cutting principal by $100M but raising the coupon 175bp.
