REG - Burford Capital Ltd Burford Capital-BUR2 - Notice of Early Redemption of Bonds due 2024

Burford CapitalAnnouncement

26/06/2023 14:15

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RNS Number : 9115D  Burford Capital Limited  26 June 2023

 

This notice relates to the disclosure of information that qualified or may
have qualified as inside information within the meaning of Article 7(1) of the
Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 (the "UK Market Abuse
Regulation").

 

SEE "IMPORTANT INFORMATION" BELOW.

 

26 June 2023

 

Burford Capital plc (the "Issuer")

£100,000,000 6.125 per cent. guaranteed bonds due 2024 (the "Bonds")

ISIN: XS1391063424

 

Notice of Early Redemption of Bonds at the Option of the Issuer

 

This notice is in respect of the Bonds which are constituted by the trust
deed, dated 26 April 2016 (as amended, supplemented or otherwise modified to
the date hereof, the "Trust Deed"), by and among the Issuer, Burford Capital
Limited, Burford Capital Finance LLC and Burford Capital Global Finance LLC,
as guarantors, and U.S. Bank Trustees Limited, as trustee (the "Trustee").
Capitalised terms used in this notice but not defined herein have the meanings
ascribed to them in the Trust Deed.

 

NOTICE IS HEREBY GIVEN in accordance with Condition 14 (Notices) that,
pursuant to Condition 8.3 (Redemption at the Option of the Issuer), the Issuer
intends to redeem the aggregate principal amount of the Bonds that remain
outstanding in full on 12 July 2023 (the "Repayment Date").

 

The redemption price payable in respect of the Bonds will be calculated in
accordance with Condition 8.3 (Redemption at the Option of the Issuer), being
the higher of (i) 100 per cent. of the principal amount of the Bonds and (ii)
the principal amount of the Bonds multiplied by the price, as reported to the
Issuer and the Trustee by the Financial Adviser, at which the Gross Redemption
Yield on the Bonds on the Make-Whole Reference Date (being 7 July 2023) is
equal to the Gross Redemption Yield (determined by reference to the middle
market price) at 11.00 a.m. (London time) on the Make-Whole Reference Date of
the Reference Bond (the 2.75 per cent. Treasury Stock due 2024), plus 1.00 per
cent., all as determined by the Financial Adviser.

 

The Issuer has appointed Allia C&C (a brand name of City & Continental
Limited) of Cheyne House, Crown Court, 62-63 Cheapside, London EC2V 6AX as the
Financial Adviser pursuant to Condition 8.3 (Redemption at the Option of the
Issuer).

 

On the Repayment Date, the Issuer shall also pay any accrued but unpaid
interest on the Bonds up to (but excluding) the Repayment Date.

 

This notice is given by Burford Capital Limited ("Burford") on behalf of
Burford Capital plc and contains information that qualified or may have
qualified as inside information within the meaning of Article 7(1) of the UK
Market Abuse Regulation. For the purposes of the UK Market Abuse Regulation
and Article 2 of Commission Implementing Regulation (EU) 2016/1055 as it forms
part of domestic law by virtue of the European Union (Withdrawal) Act 2018,
this notice is made by the directors of Burford Capital plc, namely Craig
Arnott, Philip Braverman, Leslie Paster and Michael Redman.

 

 

For further information, please contact:

 

 Burford Capital Limited
 For investor and analyst inquiries:
 Robert Bailhache, Head of Investor Relations, EMEA and Asia - email  +44 (0)20 3530 2023
 (mailto:rbailhache@burfordcapital.com)
 Jim Ballan, Head of Investor Relations, Americas - email             +1 (646) 793 9176
 (mailto:JBallan@burfordcapital.com)
 For press inquiries:
 David Helfenbein, Vice President, Public Relations - email           +1 (212) 235 6824
 (mailto:dhelfenbein@burfordcapital.com)

 Numis Securities Limited - NOMAD and Joint Broker                    +44 (0)20 7260 1000
 Giles Rolls
 Charlie Farquhar

 Jefferies International Limited - Joint Broker                       +44 (0)20 7029 8000
 Graham Davidson
 Tony White

 Berenberg - Joint Broker                                             +44 (0)20 3207 7800
 Toby Flaux
 James Thompson
 Arnav Kapoor

 

About Burford Capital

Burford Capital is the leading global finance and asset management firm
focused on law. Its businesses include litigation finance
(https://www.burfordcapital.com/) and risk management, asset recovery and a
wide range of legal finance and advisory activities. Burford is publicly
traded on the New York Stock Exchange (NYSE: BUR) and the London Stock
Exchange (LSE: BUR), and it works with companies and law firms around the
world from its offices in New York, London, Chicago, Washington, DC,
Singapore, Dubai, Sydney and Hong Kong.

 

For more information, please visit www.burfordcapital.com
(http://www.burfordcapital.com) .

 

 

This announcement does not constitute an offer to sell or the solicitation of
an offer to buy any ordinary shares or other securities of Burford.

 

This announcement does not constitute an offer of any Burford private fund.
Burford Capital Investment Management LLC, which acts as the fund manager of
all Burford private funds, is registered as an investment adviser with the
US Securities and Exchange Commission. The information provided in this
announcement is for informational purposes only. Past performance is not
indicative of future results. The information contained in this announcement
is not, and should not be construed as, an offer to sell or the solicitation
of an offer to buy any securities (including, without limitation, interests or
shares in any of Burford private funds). Any such offer or solicitation may be
made only by means of a final confidential private placement memorandum and
other offering documents.

 

Forward-looking statements

This announcement contains "forward-looking statements" within the meaning of
Section 21E of the US Securities Exchange Act of 1934, as amended, regarding
assumptions, expectations, projections, intentions and beliefs about future
events. These statements are intended as "forward-looking statements". In some
cases, predictive, future-tense or forward-looking words such as "aim",
"anticipate", "believe", "continue", "could", "estimate", "expect",
"forecast", "guidance", "intend", "may", "plan", "potential", "predict",
"projected", "should" or "will" or the negative of such terms or other
comparable terminology are intended to identify forward-looking statements,
but are not the exclusive means of identifying such statements. In addition,
Burford and its representatives may from time to time make other oral or
written statements which are forward-looking statements, including in its
periodic reports that Burford files with, or furnishes to, the US Securities
and Exchange Commission, other information made available to Burford's
security holders and other written materials. By their nature, forward-looking
statements involve known and unknown risks, uncertainties and other factors
because they relate to events and depend on circumstances that may or may not
occur in the future. Burford cautions you that forward-looking statements are
not guarantees of future performance and are based on numerous assumptions,
expectations, projections, intentions and beliefs and that Burford's actual
results of operations, including its financial position and liquidity, and the
development of the industry in which it operates, may differ materially from
(and be more negative than) those made in, or suggested by, the
forward-looking statements contained in this announcement. Significant factors
that may cause actual results to differ from those Burford expects include,
among others, those discussed under "Risk Factors" in Burford's annual report
on Form 20-F for the year ended December 31, 2022 filed with the
US Securities and Exchange Commission on May 16, 2023 and other reports or
documents that Burford files with, or furnishes to, the US Securities and
Exchange Commission from time to time. In addition, even if Burford's results
of operations, including its financial position and liquidity, and the
development of the industry in which it operates are consistent with the
forward-looking statements contained in this announcement, those results of
operations or developments may not be indicative of results of operations or
developments in subsequent periods.

 

Except as required by law, Burford undertakes no obligation to update or
revise the forward-looking statements contained in this announcement, whether
as a result of new information, future events or otherwise.

 

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