Allia C&C is delighted to announce the completion today of a tender offer for a partial buy-back of Burford Capital Limited’s 6.5 % Guaranteed Bonds due 19 August 2022.
The tender offer for up to £40m was conducted by a modified Dutch auction giving bondholders the option to offer their bonds back to the Burford group within a price range of 102-105%. £23.87m bonds were repurchased by the company at 105%. Allia C&C acted as joint dealer manager along with Peel Hunt.
Active liability management like this tender is an efficient way of managing refinancing risk as well as reducing cost when a cheaper funding alternative is available.
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