Burford Capital Limited, the world’s largest litigation financing company, announced on Tuesday that it had raised 90 million pounds—or $150 million—through a first-of-its-kind bond offering on the London Stock Exchange. With the new capital raised in the offering by Burford’s U.K. subsidiary, the company said its war chest of assets under management now exceeds $500 million.
Burford CEO Christopher Bogart told us Tuesday that the offering was initially set for 75 million pounds, but the target was raised because so many investors expressed interest. Even at 90 million pounds, the offering (eight-year bonds paying a fixed rate of 6.5 percent) was oversubscribed. The company intends to invest the funds raised in additional litigation matters.
