Burford Prices $300M Senior Secured Notes at 8% to Refinance 2028 Debt
BUR sits 22% above its 52-week low of $3.59.
Summary
Burford Capital priced its $300 million private offering of 8.000% senior secured notes due 2029, with closing expected September 17. Proceeds will redeem the existing 6.250% notes due 2028. This refinancing extends maturity and increases interest cost, but provides liquidity after the $1.63 billion first-half loss from the YPF reversal. The offering was announced earlier today; pricing terms are now fixed.
At the time of this announcement, BUR was trading at $4.39 on NYSE in the Finance sector, with a market capitalization of approximately $964M. The 52-week trading range was $3.59 to $13.10. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: PR Newswire.