Och-Ziff subsidiaries get commitments for $350 million credit facility

By Tali Rackner

Minneapolis, April 5 – Och-Ziff Capital Management Group LLC said some of its wholly owned subsidiaries obtained commitments for a proposed $250 million term loan facility and $100 million revolving facility, according to an 8-K filing with the Securities and Exchange Commission.

The term loan has a five-year maturity, subject to an extension.

Term loans will bear interest at Libor plus 475 basis points.

The new senior secured credit agreement will replace Och-Ziff’s existing credit and guaranty agreement dated Nov. 20, 2014.

The company expects to enter into the credit agreement on or before the redemption of its $400 million 4.5% senior notes due 2019.

OZ Management LP will be the borrower, with OZ Advisors LP and OZ Advisors II, LP as credit parties.

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

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