BURFORD CAPITAL ANNOUNCES PRIVATE OFFERING OF SENIOR NOTES

Rhea-AI Summary

Burford Capital (BUR) announced a planned private offering of $450 million aggregate principal amount of senior notes due 2034 by its indirect wholly owned subsidiary Burford Capital Global Finance LLC, subject to market and other conditions. The Notes will be guaranteed on a senior unsecured basis by Burford Capital.

Net proceeds are intended to be used to redeem the 5.000% bonds due 2026 of Burford Capital PLC as soon as practicable following closing, with any remainder for general corporate purposes, which may include repayment of other indebtedness. The Securities will be offered only to qualified institutional or non-US purchasers and will not be registered under the US Securities Act.

Positive

• Planned $450 million senior notes issuance due 2034
• Proceeds earmarked to redeem 5.000% bonds due 2026
• Notes guaranteed on a senior unsecured basis by Burford Capital

Negative

• Securities not registered in the US, limiting US resale/liquidity
• Offering may increase consolidated senior unsecured debt by $450 million
• Certain subsidiaries are not guaranteeing the Notes and are expected to be released from other guarantees

News Market Reaction

+2.12%

1 alert

+2.12% News Effect

On the day this news was published, BUR gained 2.12%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Notes offering size: $450 million Maturity year: 2034 2026 bond coupon: 5.000% +1 more

4 metrics

Notes offering size $450 million Planned private offering of senior notes due 2034

Maturity year 2034 Senior notes due 2034 being privately offered

2026 bond coupon 5.000% Coupon on bonds due 2026 targeted for redemption

2026 bonds maturity 2026 Existing 5.000% bonds due 2026 to be redeemed

Market Reality Check

Price: $9.39 Vol: Volume 1,633,403 is rough...

normal vol

$9.39 Last Close

Volume Volume 1,633,403 is roughly in line with 20-day average 1,714,967 (relative volume 0.95x). normal

Technical Price at $9.44 is trading below the 200-day MA of $12.01 and 40% under the 52-week high.

Peers on Argus

BUR gained 1.83% while peers showed mixed single-day changes: APAM up 1.44, GCMG...

BUR gained 1.83% while peers showed mixed single-day changes: APAM up 1.44, GCMG up 0.26, ADX up 0.43, BBUC down 0.12, HTGC down 0.8. No broad, aligned sector move is indicated.

Historical Context

5 past events · Latest: Nov 07 (Neutral)

5 events

Date	Event	Sentiment	Move	Catalyst
Nov 07	Dividend update	Neutral	-1.1%	Set FX conversion rate for 2025 interim dividend payment in sterling.
Nov 05	Earnings results	Neutral	+0.0%	Reported 3Q25 and YTD25 results and highlighted record realizations.
Oct 23	Earnings schedule	Neutral	-0.5%	Announced timing and logistics for upcoming 3Q25 results call.
Oct 22	Litigation update	Neutral	-0.4%	Provided status and appeal timeline for large YPF judgment enforcement.
Oct 16	Strategic commentary	Neutral	-3.6%	Released Burford Quarterly discussing legal finance amid global disputes.

Recent Company History

Over the last few months, Burford’s news flow has included an interim dividend declaration on Dec 4, 2025, 3Q25 and YTD25 financial results on Nov 5, 2025, and multiple updates on the YPF litigation, including a ~$16 billion judgment enforceability update. Shares have seen modest negative or flat moves around these items. The new senior notes offering and planned redemption of 5.000% 2026 bonds fits the pattern of balance-sheet-focused actions seen in prior debt offerings.

Market Pulse Summary

This announcement details a planned private offering of $450 million senior notes due 2034, guarante...

Analysis

This announcement details a planned private offering of $450 million senior notes due 2034, guaranteed on a senior unsecured basis, with proceeds earmarked to redeem 5.000% bonds due 2026 and for general corporate purposes. It continues Burford’s recent pattern of using private notes to refinance nearer-term debt. Investors may watch the final pricing, investor demand, and any subsequent updates on overall debt structure and future refinancing activity.

Key Terms

senior notes, senior unsecured, rule 144a, regulation s, +3 more

7 terms

senior notes financial

"announces the planned private offering of $450 million aggregate principal amount of senior notes due 2034"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

senior unsecured financial

"The Notes will be guaranteed on a senior unsecured basis by Burford Capital"

Senior unsecured is a type of loan or bond that has priority over other unsecured obligations for repayment if a company runs into financial trouble, but it is not backed by specific assets as collateral. Think of it as being near the front of a line to get paid, but without a pledged item to seize if the borrower defaults; that higher repayment priority typically makes it less risky than subordinated debt but more risky than secured debt, which influences the interest rate investors demand.

rule 144a regulatory

"offered only to persons reasonably believed to be "Qualified Institutional Buyers" within the meaning of Rule 144A under the Securities Act"

Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.

regulation s regulatory

"or non-US persons outside the United States pursuant to Regulation S under the Securities Act"

Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.

qualified institutional buyers financial

"offered only to persons reasonably believed to be "Qualified Institutional Buyers" within the meaning of Rule 144A"

Qualified institutional buyers are large organizations, like big investment firms or banks, that are allowed to buy certain types of investment opportunities not available to everyday investors. Their size and experience matter because it ensures they understand and can handle complex financial deals, making markets more efficient and secure.

qualified purchasers financial

"in each case, who are "Qualified Purchasers" as defined in Section (2)(a)(51)(A)"

A qualified purchaser is an investor or institution that meets a high financial threshold—typically owning or controlling several million dollars in investments—so regulators treat them as very experienced and able to bear loss. Because they are seen as financially sophisticated, qualified purchasers can access private funds and investment deals that are closed to the general public, which can offer higher return potential but come with fewer regulatory protections—think of it as a VIP pass that opens riskier, less-regulated opportunities.

investment company act of 1940 regulatory

"as defined in Section (2)(a)(51)(A) under the US Investment Company Act of 1940, as amended"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

AI-generated analysis. Not financial advice.

NEW YORK, Jan. 12, 2026 /PRNewswire/ -- Burford Capital Limited ("Burford" or "Burford Capital"), the leading global finance and asset management firm focused on law, today announces the planned private offering of $450 million aggregate principal amount of senior notes due 2034 (the "Notes") by its indirect, wholly owned subsidiary, Burford Capital Global Finance LLC, subject to market and other conditions. The Notes will be guaranteed on a senior unsecured basis by Burford Capital (such guarantee, together with the Notes, the "Securities").

Burford Capital intends to use the net proceeds from the offering of the Securities to redeem as soon as practicable following the closing of the offering the 5.000% bonds due 2026 of Burford Capital PLC (the "2026 Bonds") and the remainder for general corporate purposes, which may include the repayment or retirement of other existing indebtedness. This release does not constitute a notice of redemption with respect to, or an offer to purchase, the 2026 Bonds or any other indebtedness. The Notes will not be guaranteed by Burford Capital Finance LLC or Burford Capital PLC, as these entities are expected to be released from their guarantees of Burford's other outstanding indebtedness following completion of the redemption of the 2026 Bonds.

The Securities have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "Securities Act"), or the laws of any other jurisdiction and may not be offered or sold within the United States or to, or for the account or benefit of, US persons absent registration or an applicable exemption from registration under the Securities Act or any applicable state securities laws. The Securities will be offered only to persons reasonably believed to be "Qualified Institutional Buyers" within the meaning of Rule 144A under the Securities Act or non-US persons outside the United States pursuant to Regulation S under the Securities Act, in each case, who are "Qualified Purchasers" as defined in Section (2)(a)(51)(A) under the US Investment Company Act of 1940, as amended.

About Burford Capital
Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance 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 works with companies and law firms around the world from its global network of offices.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any 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.

Prohibition of sales to retail investors in the European Economic Area. The Securities are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise made available to, any retail investor in the European Economic Area (the "EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a "qualified investor" as defined in Regulation (EU) No. 2017/1129 (as amended, the "Prospectus Regulation"). No key information document required by Regulation (EU) 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Securities or otherwise making them available to retail investors in the EEA has been prepared and, therefore, offering or selling the Securities or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

Prohibition of sales to retail investors in the United Kingdom. The Securities are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise made available to, any retail investor in the United Kingdom (the "UK"). For these purposes, (a) a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No. 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the "EUWA"); (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA (as amended or superseded, the "UK Prospectus Regulation"); and (b) the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes. Consequently, no key information document required by Regulation (EU) No. 1286/2014 as it forms part of domestic law by virtue of the EUWA (as amended, the "UK PRIIPs Regulation") for offering or selling the Securities or otherwise making them available to retail investors in the UK has been prepared and, therefore, offering or selling the Securities or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

IN MEMBER STATES OF THE EEA, THIS ANNOUNCEMENT IS DIRECTED ONLY AT PERSONS WHO ARE "QUALIFIED INVESTORS" WITHIN THE MEANING OF THE PROSPECTUS REGULATION IN SUCH MEMBER STATE AND SUCH OTHER PERSONS AS THIS ANNOUNCEMENT MAY BE ADDRESSED ON LEGAL GROUNDS, AND NO PERSON THAT IS NOT A RELEVANT PERSON OR QUALIFIED INVESTOR MAY ACT OR RELY ON THIS ANNOUNCEMENT OR ANY OF ITS CONTENTS. IN THE UNITED KINGDOM, THIS ANNOUNCEMENT IS DIRECTED ONLY AT PERSONS WHO ARE "QUALIFIED INVESTORS" WITHIN THE MEANING OF THE UK PROSPECTUS REGULATION AND SUCH OTHER PERSONS AS THIS ANNOUNCEMENT MAY BE ADDRESSED ON LEGAL GROUNDS, AND NO PERSON THAT IS NOT A RELEVANT PERSON OR QUALIFIED INVESTOR MAY ACT OR RELY ON THIS ANNOUNCEMENT OR ANY OF ITS CONTENTS.

Forward-looking statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor provided for under these sections. In some cases, 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. Although Burford believes that the assumptions, expectations, projections, intentions and beliefs about future results and events reflected in forward-looking statements have a reasonable basis and are expressed in good faith, forward-looking statements involve known and unknown risks, uncertainties and other factors, which could cause Burford's actual results and events to differ materially from (and be more negative than) future results and events expressed, projected or implied by these forward-looking statements. Factors that might cause future results and events to differ include, among others, those discussed in the "Risk Factors" section of Burford's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the US Securities and Exchange Commission on March 3, 2025. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements contained in the periodic and current reports that Burford files with or furnishes to the US Securities and Exchange Commission. Many of these factors are beyond Burford's ability to control or predict, and new factors emerge from time to time.
Furthermore, Burford cannot assess the impact of each such factor on its business or the extent to which any factor or combination of factors may cause actual results and events to be materially different from those contained in any forward-looking statement. Given these uncertainties, readers are cautioned not to place undue reliance on Burford's forward-looking statements.

All subsequent written and oral forward-looking statements attributable to Burford or to persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements speak only as of the date of this press release and, except as required by applicable law, Burford undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

View original content:https://www.prnewswire.com/news-releases/burford-capital-announces-private-offering-of-senior-notes-302658546.html

SOURCE Burford Capital Limited

FAQ

What is Burford Capital (BUR) offering on January 12, 2026?

Burford plans a private offering of $450 million aggregate principal amount of senior notes due 2034 issued by its subsidiary Burford Capital Global Finance LLC.

How will Burford Capital use proceeds from the $450M offering (BUR)?

Net proceeds are intended to redeem the 5.000% bonds due 2026 of Burford Capital PLC and the remainder for general corporate purposes, possibly repaying other indebtedness.

Are the new Burford (BUR) notes registered for sale in the United States?

No. The Securities have not been and will not be registered under the US Securities Act and cannot be offered or sold in the US absent registration or an exemption.

Who is eligible to buy Burford Capital's (BUR) senior notes?

Offers will be made only to persons reasonably believed to be Qualified Institutional Buyers under Rule 144A or non-US persons outside the US pursuant to Regulation S who are also Qualified Purchasers.

Will Burford Capital guarantee the new 2034 notes (BUR)?

Yes. The notes will be guaranteed on a senior unsecured basis by Burford Capital, but not by certain subsidiaries expected to be released from guarantees.