Burford Capital Prices $300M Debt Offering at 8% to Refinance 2028 Notes

Burford Capital has priced a $300 million private offering of senior secured notes due 2029 at an 8% coupon. The company will use the proceeds to refinance existing debt, extending its maturity profile by addressing its outstanding 6.250% senior notes due in 2028.

"The company intends to use the net proceeds from the new notes, alongside cash on hand, to redeem its existing 6.250% senior notes due 2028," Burford Capital stated in a regulatory announcement.

Debt Structure and Security

The new notes are senior secured debt, which provides lenders with a claim on the company's assets. The notes are secured on a senior lien basis by substantially all assets of the issuing subsidiary, Burford Capital Global Finance LLC, and by the capital stock of certain other Burford subsidiaries.

A senior lien provides investors with priority over other creditors if a default occurs. By pledging specific assets as collateral, the issuer can secure capital during periods of volatility, although this requires the company to encumber its balance sheet assets.

Offering Terms and Market Access

The offering is scheduled to close on September 17, 2026, pending customary closing conditions. Following standard private placement protocols, the transaction is restricted to Qualified Institutional Buyers under Rule 144A and non-U.S. persons under Regulation S. The securities are not being offered or sold to retail investors in the European Economic Area or the United Kingdom.

Strategic Maturity Management

For Burford Capital, the transaction is a tactical exercise in liability management. By retiring the 2028 notes early, the firm extends its debt maturity window by one year. The 8% coupon on the new notes represents a higher interest expense than the 6.250% notes being retired, but the refinancing secures liquidity through 2029 and removes the 2028 maturity obligation.