Burford closes $300 million financing and plans a $100 million debt reduction

Burford ($BUR) Capital completed the $300 million debt financing it had recently priced. It plans to combine those proceeds with approximately $100 million of cash to retire $400 million of bonds due in April 2028. The repayment is expected in the following week, rather than being described as already completed.

The company said the refinancing will reduce outstanding debt by $100 million and push its next bond maturity more than three years into the future. It also reported demand exceeding the offering size by more than ten times. The new development is the closing and planned use of proceeds, not a second $300 million raise. The reduction in face-value debt comes from the additional cash contribution, rather than from issuing the replacement notes alone.

Sources:

• Burford Capital — successful financing update, company release reprint