Och-Ziff Plans $250 Million Share Sale

Nov 16 2011 | 12:21pm 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

Q&A: Fund Administration Comes To The Cloud

Jul 14 2017 | 7:23pm ET

The fund administration sector has been steadily implementing new technology, such...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Rastegar: PE Real Estate Gains Momentum as Uncertainty Rises

Jul 21 2017 | 6:04pm ET

The steady march of equity markets and fundamental shift in the direction of Fed...

 

From the current issue of