Och-Ziff Loan Management set to price $619.79 million of notes in OZLM VII CLO

By Cristal Cody

Tupelo, Miss., June 11 – Och-Ziff Loan Management, LP intends to price $619.79 million of notes due July 14, 2026 in the OZLM VII, Ltd./OZLM VII, LLC transaction, according to a market source.

The deal includes $260 million of class A-1a senior secured floating-rate notes (//AAA); $115 million of class A-1b senior secured floating-rate notes (//AAA); $79.5 million of class A-2 floating-rate notes; $35 million of class B floating-rate notes; $37.5 million of class C floating-rate notes; $25 million of class D floating-rate notes; $15.5 million of class E floating-rate notes and $52.29 million of subordinated notes.

Deutsche Bank Securities Inc. is the placement agent.

Och-Ziff Loan Management will manage the CLO, which is backed primarily by first-lien senior secured loans.

The CLO will have a two-year non-call period and a 4.25-year reinvestment period.

Proceeds will be used to repay parties that provided interim financing and to purchase assets to reach a target portfolio of about $600 million of primarily senior secured leveraged loans.

Och-Ziff Loan Management was in the primary market on March 7 with the $621.25 million OZLM VI CLO, Ltd./OZLM VI CLO, LLC transaction. The firm, a subsidiary of New York City-based alternative asset management firm Och-Ziff Capital Management Group LLC, priced three CLO deals in 2013.

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