Burford Capital Ltd Closes $300M Senior Secured Notes Offering

What Happened
Burford Capital Limited reported that on September 17, 2026 its indirect, wholly owned subsidiary Burford Capital Global Finance LLC closed a private offering of $300 million aggregate principal amount of 8.000% senior secured notes due October 15, 2029. The Notes are guaranteed on a senior secured basis by Burford Capital and are secured by substantially all of the Issuer’s assets and by the capital stock of certain Burford subsidiaries. The offering was issued under an indenture dated September 17, 2026, with U.S. Bank Trust Company, National Association serving as trustee and collateral agent. The company intends to use the net proceeds, together with cash on hand, to redeem in full the Issuer’s outstanding 6.250% senior notes due 2028.

Key Details

• Offering size: $300.0 million aggregate principal amount of 8.000% senior secured notes due October 15, 2029.
• Interest: 8.000% per annum, payable semi-annually on April 15 and October 15, beginning April 15, 2027.
• Security & guarantee: Notes guaranteed by Burford Capital; secured by substantially all assets of the Issuer and by capital stock of certain subsidiaries (subject to exceptions).
• Indenture highlights: Restrictions on incurring additional debt, paying dividends or repurchasing stock, creating liens, certain mergers/sales and related-party transactions (subject to specified exceptions).
• Change of control: If a Change of Control Triggering Event occurs, the Issuer must offer to repurchase outstanding Notes at 101% of principal plus accrued interest.

Why It Matters
This filing creates a new $300M secured debt obligation for Burford via its finance subsidiary and signals a refinancing step: the company intends to use proceeds to redeem its 6.250% notes due 2028. The new notes carry a higher coupon (8.000%) and include typical covenant restrictions that can limit certain corporate actions (dividends, additional debt, asset sales) while they remain outstanding. Investors should note the maturity (Oct 15, 2029), the secured and guaranteed nature of the Notes, and the potential impact on Burford’s debt profile and cash interest costs; the company has not reported the redemption as completed in this filing, only its intent to redeem the 2028 notes.