Burford sets redemption price for 6 1/8% guaranteed bonds due 2024

By Mary-Katherine Stinson

Lexington, Ky., July 7 – Burford Capital Ltd. set the redemption price for its £100 million of 6 1/8% guaranteed bonds due 2024 (ISIN: XS1391063424) that remain outstanding, according to a notice and a 6-K filing with the Securities and Exchange Commission.

The make-whole redemption price has been determined to be par of £100 plus accrued interest, based on the reference 2.75% Treasury bond due 2024, according to the financial adviser.

The notes are guaranteed by Burford Capital Ltd. as well as Burford Capital Finance LLC and Burford Capital Global Finance LLC. U.S. Bank Trustees Ltd. is the trustee.

All outstanding bonds will be redeemed on July 12.

The terms of the notes dictated that the redemption price be set at the greater of par and the make-whole redemption price.

The issuer appointed Allia C&C as financial adviser, and Numis Securities Ltd. (+44 20 7260 1000), Jefferies International Ltd. (+44 20 7029 8000) and Berenberg (+44 20 3207 7800) as joint brokers.

Following the redemption, the company will have no debt maturing until 2025 and 2026 for its United Kingdom-issued debt and 2028 for United States-issued debt. The U.S. maturities are laddered out until 2031, later than the weighted average life of the company’s portfolio.

Burford Capital is a direct wholly owned subsidiary of Burford Capital Holdings (UK) Ltd. and an indirect wholly owned subsidiary of Burford Capital Ltd.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.