Burford Capital (BUR) said Tuesday its unit Burford Capital Global Finance priced an upsized private offering of $500 million senior notes due 2033, bearing a rate of 7.5%.

Burford Capital plans to use the net proceeds to repay its 6.125% bonds of Burford Capital Finance due 2025 and the remainder for general corporate purposes, according to a statement.

The company said the offering is expected to close on July 11.

Shares were up 2.8% in recent trading.

Price: 14.50, Change: +0.40, Percent Change: +2.84