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Published on 4/5/2018 in the Prospect News Bank Loan Daily and Prospect News Investment Grade Daily.

S&P rates Och-Ziff facilities BB-

S&P said it revised its outlook on Och-Ziff Capital Management Group LLC to stable from negative and affirmed its BB- issuer credit rating.

The agency affirmed the BB- issuer credit ratings on OZ Management LP, OZ Advisors LP, OZ Advisors II LP and Och-Ziff Finance Co. LLC.

S&P assigned a BB- senior secured issue rating to the company's proposed $350 million senior secured facilities, including a new five-year $250 million term loan and a new 4.5-year $100 million revolving credit facility. The recovery rating is 3, indicating an expectation for meaningful (50%-70%, rounded estimate: 65%) recovery.

The agency affirmed the BB- issue rating on the company's senior unsecured notes with a recovery rating of 4, reflecting average (30%-50%; rounded estimate: 40%) recovery.

“Pro forma for the transactions, we now expect the company's leverage to be in the lower half of 4.0x-5.0x, compared to our previous expectation of the higher end of the range,” S&P said in a news release.

The outlook revision reflects the company's decrease in leverage pro forma the proposed refinancing transaction, the agency said.


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