A stock exchange-listed litigation funder says it has raised £100m in two weeks through a bond issue to expand its activities.
Burford Capital says the cash is ready to be deployed immediately to fund litigation in the UK and across the world.
The bonds were issued on the main market of the London Stock Exchange by the company’s UK financing subsidiary, and will pay interest at an annual rate of 6.125% and mature on 26 October 2024.
Burford said it has now accumulated $1bn (£0.69bn) to commit to litigation finance to increase the 500 individual matters currently ongoing.
Chief executive Christopher Bogart (pictured) said the company can now boast an ‘unmatched capital base’ and that the money raised has exceeded expectations.
‘The legal sector is rapidly evolving alternative economic models and demand is increasing globally for Burford’s services,’ he said.
‘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 monetise litigation assets.’
Burford, which also lends to law firms and provides after-the-event insurance, is based in New York and London. Its share price rose by 3.12% to 297.5p following the announcement of the bonds cash.
In January the business was approved as an alternative business structure, raising the prospect of it pumping cash into its own law firm.