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Burford launches tender offer for 6½% guaranteed bonds due 2022
Chicago, May 27 – Burford Capital Ltd. announced a capped tender offer for Burford Capital plc’s £86,157,000 6½% guaranteed bonds due 2022 (ISIN: XS1088905093), according to a notice.
The tender offer is being conducted by a modified Dutch auction procedure.
The purchase price will be between 102 and 105 and will be the lowest amount that will allow the issuer to purchase all of the bonds up to the final acceptance amount. Interest will also be paid to the settlement date.
The same purchase price will be paid for all of the bonds.
Burford expects that it will accept £40 million of the bonds for purchase, an amount that could change.
The expiration time is 11 a.m. ET on June 22.
Settlement is planned for June 28.
The company aims to proactively manage its debt capital structure through the offer.
Joint dealer managers for the offer are City & Continental Ltd., trading as Allia C&C, (+44 20 3039 3450) and Peel Hunt LLP (+44 20 7418 8900).
Lucid Issuer Services Ltd. is the tender agent (+44 20 7704 0880).
Burford Capital is a direct wholly owned subsidiary of Burford Capital Holdings (UK) Ltd. and an indirect wholly owned subsidiary of Burford Capital Ltd.
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