Burford to redeem its 6 1/8% guaranteed bonds due 2024 on July 12

By Mary-Katherine Stinson

Lexington, Ky., June 26 – Burford Capital Ltd. announced the early redemption of Burford Capital plc’s £100 million of 6 1/8% guaranteed bonds due 2024 (ISIN: XS1391063424) that remain outstanding, according to multiple notices and a 6-K filing with the Securities and Exchange Commission.

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.

The bonds will be redeemed on July 12 at the greater of par and the make-whole redemption price, which will be calculated on the make-whole reference date at 6 a.m. ET on July 7, plus accrued interest.

The financial adviser has determined that the 2.75% Treasury due 2024 is appropriate as the reference bond on which to base the 100 basis points make-whole redemption price.

The issuer has 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.

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