Och-Ziff gets $150 million five-year revolver at Libor plus 100-200 bps

By Susanna Moon

Chicago, Nov. 21 – Och-Ziff Capital Management Group LLC’s subsidiary OZ Management LP obtained a $150 million five-year unsecured revolving credit facility.

Interest on the loans will be Libor plus 100 basis points to 200 bps, based on the company’s corporate rating, with an unused fee of 10 bps to 25 bps.

The company entered into the credit and guaranty agreement Thursday with J.P. Morgan Securities LLC and Goldman Sachs Bank USA as joint lead arrangers and bookrunners, according to an 8-K filed with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is the administrative agent, and Goldman Sachs Bank USA is the syndication agent.

Proceeds will be used for working capital and general corporate purposes.

The maximum revolver availability may be increased by up to $75 million with the consent of lenders.

The loans are unsecured and are guaranteed by OZ Advisors LP, OZ Advisors II LP and Och-Ziff Finance Co. LLC.

The first financial maintenance covenant prohibits the total fee-paying assets under management of the borrower, the guarantors and their consolidated subsidiaries as of the last day of any fiscal quarter to be less than $22 billion for two successive quarters, and the second prohibits the economic income leverage ratio as of the last day of any fiscal quarter to exceed 4 times, the filing noted.

Och-Ziff is an institutional alternative asset manager based in New York.

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