By Paul A. Harris
Portland, Ore., Jan. 16 – Burford Capital Global Finance LLC priced an upsized $275 million add-on to its 9¼% senior notes due July 1, 2031 (Ba2/BB-) at 103.625 in a Tuesday drive-by, according to market sources.
The issue size increased from $200 million.
The issue price came rich to the 103.25 to 103.5 price talk. Initial talk was in the 103 area.
The Rule 144A and Regulation S notes become subject to an initial call on July 1, 2026 at 104.625, the same as the original notes.
Jefferies LLC was the left bookrunner. BofA Securities, Inc. and Barclays were joint bookrunners.
The London-based global finance and asset management firm plans to use the proceeds, including the incremental proceeds resulting from the $75 million upsizing of the deal, for general corporate purposes.
| Issuer: | Burford Capital Global Finance LLC
|
| Amount: | $275 million
|
| Issue: | Senior notes
|
| Maturity: | July 1, 2031
|
| Bookrunners: | Jefferies & Co. (left), BofA Securities, Inc. and Barclays (joint)
|
| Co-managers: | B. Riley Securities, Inc. and Wedbush Securities Inc.
|
| Coupon: | 9¼%
|
| Price: | 103.625
|
| Yield: | 8.577%
|
| Yield to worst: | 8.251%
|
| First call: | July 1, 2026 at 104.625
|
| Trade date: | Jan. 16
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| Settlement date: | Jan. 30
|
| Ratings: | Moody’s: Ba2
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| S&P: BB-
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| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 103.25 to 103.5
|
| Marketing: | Drive-by
|
| Original issue: | $400 million priced in June 2023
|
| Fungibility: | Add-on notes to immediately become fungible with original notes
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