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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Burford Capital Limited | LSE:BUR | London | Ordinary Share | GG00BMGYLN96 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-9.00 | -0.74% | 1,201.00 | 1,202.00 | 1,210.00 | 1,250.00 | 1,201.00 | 1,250.00 | 34,787 | 09:03:48 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Unit Inv Tr, Closed-end Mgmt | 1.39B | 610.52M | 2.7883 | 4.31 | 2.63B |
TIDMBUR
RNS Number : 6670F
Burford Capital
19 May 2017
19 May 2017
BURFORD CAPITAL RAISES $225 MILLION IN BOND ISSUE
TO FURTHER SUPPORT CLIENT DEMAND AND BUSINESS GROWTH
Burford Capital Limited ("Burford"), a leading global finance firm focused on law, announces that it has today raised GBP175 million (approximately $225 million) through an oversubscribed issue of bonds on the Main Market of the London Stock Exchange by Burford Capital PLC, its financing subsidiary. The bonds will pay interest at an annual rate of 5% and mature on 1 December 2026.
This new capital will permit Burford to continue growing its legal finance business, which already stands at more than $2 billion invested and available for investment. Burford's portfolio today is larger and more widely diversified than ever before, with hundreds of individual litigation matters underlying its investments for clients from around the world along with an ever-increasing range of diverse and innovative transactions.
In addition to using the proceeds of the GBP175 million bond issue in its investment activities, Burford intends to repay early the $43.75 million of loan notes due 2019 created as part of the December 2016 acquisition of Gerchen Keller Capital.
Christopher Bogart, Burford's Chief Executive Officer, commented:
"We are delighted with the strong response to this bond issue, which has well exceeded both our previous issues and continues to provide us with a flexible and immediately accessible capital base to address the attractive opportunities we see.
"Law firms and corporate clients are coming to us with needs which have evolved far beyond the single-case financing model on which this industry is founded - although that remains a core area of our business. This additional long-term capital will enable us to continue to meet the global demand for Burford's services and further solidifies our position as the industry leader with the industry's lowest cost of capital.
"We appreciate the ongoing support of our investors through our debt and equity, which together enable the further expansion of our business. We look forward to demonstrating Burford's further potential."
The bonds have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered and sold in the United States absent registration or an applicable exemption from registration.
For further information, please contact:
Peel Hunt LLP (Lead Manager on +44 (0) 20 the Bond) 7418 8900 Adrian Bell Mark Glowrey Henrietta Podd Macquarie Capital (Europe) Limited +44 (0)20 3037 - NOMAD 2000 Jonny Allison Nicholas Harland Neustria Partners - Financial +44 (0)20 3021 Communications for Burford Capital 2580 Robert Bailhache [email] Charles Gorman [email] Nick Henderson [email]
About Burford Capital
Burford Capital is a leading global finance firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the London Stock Exchange, and it works with law firms and clients around the world from its principal offices in New York, London and Chicago.
For more information about Burford, visit www.burfordcapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
May 19, 2017 05:05 ET (09:05 GMT)
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