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NEW YORK - Burford Capital Limited, a global finance firm focused on law, announced Tuesday it has priced an upsized private offering of $500 million in senior notes due 2033 with a 7.50% interest rate.
The offering, which was increased from its previously announced size, will be issued through Burford’s indirect wholly owned subsidiary, Burford Capital Global Finance LLC. The notes will be guaranteed on a senior unsecured basis by Burford Capital and two of its indirect wholly owned subsidiaries: Burford Capital Finance LLC and Burford Capital PLC.
According to the company’s statement, Burford intends to use the proceeds to repay its 6.125% bonds due 2025 at maturity, with the remainder allocated for general corporate purposes. This may include the potential repayment of other existing debt, possibly including Burford Capital PLC’s 5.000% bonds due 2026.
The offering is expected to close on July 11.
The senior notes are being offered only to qualified institutional buyers under Rule 144A of the Securities Act and to non-U.S. persons outside the United States under Regulation S. All purchasers must also qualify as "Qualified Purchasers" under the U.S. Investment Company Act of 1940.
The securities have not been registered under the U.S. Securities Act of 1933 and cannot be offered or sold in the United States without registration or an applicable exemption.
This information is based on a press release statement from Burford Capital.
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