Burford Capital Raises $225M In Bond Issue To Expand Litigation Finance Business | FINalternatives

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Litigation finance specialist Burford Capital has raised approximately $225 million in a London bond offering to support its growing legal finance business.

The oversubscribed bond issue took place on the main market of the London Stock Exchange by the company’s financing subsidiary Burford Capital PLC, Burford said in a statement. The bonds will pay a 5% annual coupon and mature on December 1, 2026.

Burford will use the proceeds from the bond offering for expansion and to redeem $43.75 million of loan notes due in 2019 that were created as part of the company’s December 2016 acquisition of Gerchen Keller Capital.

Burford’s legal finance business already stands at more than $2 billion invested and available for investment, the company continued, and its portfolio today is larger and more widely diversified than ever before.

“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,” said Christopher Bogart, Burford’s CEO, in the statement. 

“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,” Bogard added. 

Founded in 2009, headquartered in New York, and listed on the London Stock Exchange, Burford Capital was one of the pioneers in institutional-quality litigation finance. The company’s activities also include risk management, asset recovery and a wide range of legal finance and advisory activities.