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.

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