Saturday, 5 September 2015
Last updated 9 hours ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…