LONDON (Alliance News) – Litigation finance provider Burford Capital Ltd said Friday it has raised GBP175.0 million in an oversubscribed issue of retail-eligible sterling bonds.
Burford said the proceeds of the issue will permit growth of its legal finance business, which stands at over USD2.00 billion invested and available for investment.
The company will also repay early the USD43.8 million of loan notes due 2019 it created in December, when it agreed the purchase of US peer GKC Holdings LLC, the parent of Gerchen Keller Capital, the biggest private capital manager in the litigation finance sector.
“We are delighted with the strong response to this bond issue, which has well exceeded both our previous issues and continues to provide us with a flexible and immediately accessible capital base to address the attractive opportunities we see,” said Chief Executive Officer Christopher Bogart.
Shares in AIM-listed Burford Capital were up 2.4% at 866.00 pence Friday, giving it a market capitalisation of GBP1.82 billion. Its stock is up by over 50% in 2017 to date.
By Adam Clark; email@example.com
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