[Form 4] Vital Energy, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Burford Capital Limited (BUR) filed an 8-K to report the closing of a private placement of $500 million aggregate principal amount of 7.50% senior notes due 2033 issued by its wholly-owned subsidiary, Burford Capital Global Finance LLC. The notes are guaranteed on a senior unsecured basis by Burford Capital and two other wholly-owned subsidiaries.

Use of proceeds: management plans to repay the existing 6.125% bonds maturing in 2025; any remaining funds may be applied to general corporate purposes, potentially including repayment of the 5.000% bonds due 2026.

Key terms: interest accrues at 7.50% and is payable semi-annually on 15 January and 15 July, beginning 15 January 2026. The notes mature on 15 July 2033 but may be redeemed early at the issuer’s option. A Change of Control Triggering Event obligates the issuer to repurchase the notes at 101% of principal plus accrued interest.

Covenants in the indenture restrict additional indebtedness, dividends, certain liens, affiliate transactions, and major corporate actions, subject to customary exceptions.

Strategic impact: the transaction lengthens Burford’s debt maturity profile and addresses the upcoming 2025 maturity, but the higher 7.50% coupon raises annual interest expense versus the retiring 6.125% notes.

Positive

• Eliminates 2025 refinancing risk by earmarking proceeds to retire the 6.125% bonds due 2025.
• Extends debt maturity profile to 2033, reducing near-term principal repayments.
• Maintains unsecured structure and adds parent and subsidiary guarantees, supporting investor confidence.

Negative

• Higher coupon of 7.50% versus 6.125% on the bonds being retired, increasing annual interest expense.
• $500 million additional notes raise gross debt until the 2025 bonds are fully repaid, temporarily elevating leverage metrics.

Insights

Debt Capital Markets Specialist

TL;DR: $500 m 7.50% notes refinance 2025 debt, extend duration to 2033, modestly strengthens liquidity profile.

The issuance replaces nearer-term 6.125% 2025 bonds with longer-dated paper, eliminating a looming maturity wall and signalling ready market access. Though the coupon is higher, it reflects prevailing rates and secures fixed financing for eight additional years. Inclusion of standard high-yield covenants and a 101% change-of-control put are investor-friendly yet leave the company operational flexibility. Overall, the deal is liquidity-positive and should be viewed favourably by creditors.

Credit Analyst

TL;DR: Positive maturity extension offset by higher interest cost; net credit impact neutral.

While the refinancing removes 2025 maturity risk, the 7.50% coupon represents a 137 bps step-up from the outgoing 6.125% notes, increasing annual interest outflows. Proceeds may also address the 2026 notes, but management has not committed. Covenant package, although restrictive, is typical and unlikely to hamper operations. Given the balance between liquidity benefits and higher funding cost, I view the transaction as credit-neutral.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Campbell Richard D

(Last) (First) (Middle)

5219 CITY BANK PARKWAY

(Street)

LUBBOCK TX 79407-3544

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Vital Energy, Inc. [ VTLE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/09/2025		S		205,424	D	$18.2192	7,663,509	I	By Henry TAW LP(1)
Common Stock	07/09/2025		S		4,812	D	$18.1814	7,658,697	I	By Henry TAW LP(1)
Common Stock	07/09/2025		S		39,764	D	$18.4288	7,618,933	I	By Henry TAW LP(1)
Common Stock	07/10/2025		S		50,000	D	$18.1247	7,568,933	I	By Henry TAW LP(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Campbell Richard D

(Last) (First) (Middle)

5219 CITY BANK PARKWAY

(Street)

LUBBOCK TX 79407-3544

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Henry TAW LP

(Last) (First) (Middle)

3525 ANDREWS HIGHWAY

(Street)

MIDLAND TX 79703

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Henry TAW Management LLC

(Last) (First) (Middle)

3525 ANDREWS HIGHWAY

(Street)

MIDLAND TX 79703

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Henry TAW Management LLC is the sole general partner of Henry TAW LP. Richard D. Campbell is the Chief Development Officer and Co-Manager of Henry TAW Management LLC and has voting and investment discretion with respect to the securities beneficially owned by Henry TAW LP. As a result, Mr. Campbell may be deemed to have beneficial ownership of the securities held of record by Henry TAW LP.

	/s/ Richard D. Campbell	07/11/2025
	/s/ Richard D. Campbell, Manager	07/11/2025
	/s/ Richard D. Campbell, Manager of General Partner	07/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did Burford Capital (BUR) announce in its 8-K?

It closed a private placement of $500 million 7.50% senior notes due 2033 guaranteed by the parent company.

How will Burford Capital use the $500 million of proceeds?

Management plans to repay 6.125% 2025 bonds at maturity and may use any remainder for general purposes including potential repayment of 2026 notes.

When do the new 7.50% notes mature and pay interest?

The notes mature on 15 July 2033 with semi-annual interest payments on 15 January and 15 July, starting 15 January 2026.

Can Burford redeem the notes early?

Yes, the issuer may redeem the notes in whole or in part at its option prior to maturity as outlined in the indenture.

What happens if there is a change of control at Burford Capital?

A Change of Control Triggering Event requires the issuer to offer to repurchase the notes at 101% of principal plus accrued interest.