Och-Ziff Plans $250 Million Share Sale

Nov 16 2011 | 11:21am ET

Och-Ziff Capital Management plans to raise as much as $287.5 million dollars in a share sell to pay down its debt.

The New York-based hedge fund said the $250 million offering—the underwriters have an option to sell another 15%—would fund the repurchase of outstanding debt of its OZ Management division. That unit yesterday struck a $391 million delayed-loan agreement.

No partners, employees or large shareholders will sell any of their shares in the $28.9 billion hedge fund in the offering, which will be co-managed by Bank of America, Goldman Sachs and Morgan Stanley.

The offering represents about 27% of Och-Ziff's current shares outstanding.

Och-Ziff said that any proceeds left over after the debt repurchases would be used for working capital and other general corporate purposes.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Often seen as a passion project, or part of a philanthropic venture, rare and fine stringed instruments offer an exciting option to diversify one’s investment portfolio while providing an opportunity for an exceptional long-term investment.