This notice relates to the disclosure of information that qualified or may have qualified as inside information within the meaning of Article 7(1) of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “UK Market Abuse Regulation”).
SEE “IMPORTANT INFORMATION” BELOW.
Burford Capital plc (the “Issuer”)
£90,000,000 6.50 per cent. guaranteed bonds due 2022 (the “Bonds”)
Notice of Early Redemption of Bonds at the Option of the Issuer
This notice is in respect of the Bonds which are constituted by the trust deed, dated 19 August 2014 (as amended, supplemented or otherwise modified to the date hereof, the “Trust Deed”), by and among the Issuer, Burford Capital Limited, Burford Capital Finance LLC and Burford Capital Global Finance LLC, as guarantors, and U.S. Bank Trustees Limited, as trustee (the “Trustee”). Capitalised terms used in this notice but not defined herein have the meanings ascribed to them in the Trust Deed.
NOTICE IS HEREBY GIVEN in accordance with Condition 14 (Notices) that, pursuant to Condition 8.3 (Redemption at the Option of the Issuer), the Issuer intends to redeem the aggregate principal amount of the Bonds that remain outstanding in full on 25 May 2022 (the “Repayment Date”).
The redemption price payable in respect of the Bonds will be calculated in accordance with Condition 8.3 (Redemption at the Option of the Issuer), being the higher of (i) 100 per cent. of the principal amount of the Bonds and (ii) the principal amount of the Bonds multiplied by the price, as reported to the Issuer and the Trustee by the Financial Adviser, at which the Gross Redemption Yield on the Bonds on the Make-Whole Reference Date (being 20 May 2022) is equal to the Gross Redemption Yield (determined by reference to the middle market price) at 11.00 a.m. (London time) on the Make-Whole Reference Date of the Reference Bond, plus 1.00 per cent., all as determined by the Financial Adviser.
The Financial Adviser has determined that the 0.5 per cent. Treasury Stock due 22 July 2022 is appropriate as the Reference Bond (in substitution for the 4.00 per cent. Treasury Stock due 2022, originally referenced in Condition 21 (Definitions), which has matured).
The Issuer has appointed Allia C&C (a brand name of City & Continental Limited) of Cheyne House, Crown Court, 62-63 Cheapside, London EC2V 6AX as the Financial Adviser pursuant to Condition 8.3 (Redemption at the Option of the Issuer).
On the Repayment Date, the Issuer shall also pay any accrued but unpaid interest on the Bonds up to (but excluding) the Repayment Date.
This notice is given by Burford Capital Limited (“Burford”) on behalf of Burford Capital plc and contains information that qualified or may have qualified as inside information within the meaning of Article 7(1) of the UK Market Abuse Regulation. For the purposes of the UK Market Abuse Regulation and Article 2 of Commission Implementing Regulation (EU) 2016/1055 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, this notice is made by the directors of Burford Capital plc, namely Craig Arnott, Philip Braverman, Leslie Paster and Michael Redman.