Magic circle duo advise as litigation funder Burford raises £100m
Freshfields and Allen & Overy advise on litigation funder's £100m bond issue on the London Stock Exchange
April 20, 2016 at 08:58 AM
2 minute read
Freshfields Bruckhaus Deringer and Allen & Overy (A&O) are advising on litigation funder Burford Capital's £100m bond issuance on the London Stock Exchange.
Burford has raised £100m through an issue of bonds on the London Stock Exchange, via Burford Capital PLC, its UK financing subsidiary. The bonds will pay an annual rate of 6.125% and mature on 26 October 2024.
The new capital will take Burford's total capital raised to over $1bn (£700m). Guernsey-incorporated Burford Capital was floated on the AIM market in 2009 when it raised £80m. It raised a further £110m in 2010 with a further placement of shares.
Freshfields advised Burford Capital. The firm's team on the deal was led by corporate partner Christopher Mort and finance partner Duncan Kellaway.
Allen & Overy advised the underwriters on the deal. Capital markets partner Tom Grant advised investment bank Canaccord Genuity and broker Peel Hunt while the firm's co-head of global international capital markets, Simon Hill, advised the trustee.
Burford chief executive Christopher Bogart said: "The legal sector is rapidly evolving alternative economic models and demand is increasing globally for Burford's services.
"The use of external capital by law firms to support their growth is accelerating, even as corporate clients seek new ways to manage ongoing costs and monetize litigation assets."
In December 2015 it was announced that claimant firm Hausfeld was launching a class action against Volkswagen in connection with the emissions scandal the car manufacturer is embroiled in.
Burford Capital provided €30m in litigation funding for Hausfeld's clients.
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