Sunday, 26 March 2017
Last updated 1 day 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.