Sunday, 21 December 2014
Last updated 11 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
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