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Och-Ziff Capital Management Group LLC Announces Public Offering Of $250 Million Of Class A Shares

Stocks in this article: OZM

NEW YORK, Nov. 15, 2011 /PRNewswire/ -- Och-Ziff Capital Management Group LLC (NYSE: OZM) ("Och-Ziff" or the "Company") announced today that it plans to raise $250 million in a public offering of its Class A Shares representing limited liability company interests. The Company expects to grant the underwriters an option to purchase up to an additional 15% of the offered number of Class A Shares. Goldman, Sachs & Co., BofA Merrill Lynch and Morgan Stanley & Co. LLC will serve as Joint Book-Running Managers for the offering. The Company's partners, employees and other significant shareholders will not sell any shares in connection with the offering.

The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission, which became effective on November 15, 2011. A prospectus supplement relating to the offering was filed with the Securities and Exchange Commission on November 15, 2011.

The Company intends to use the net proceeds from the offering to repurchase at 95% of par a portion of the outstanding indebtedness under the existing credit agreement under which its affiliate, OZ Management LP, is the borrower, and use any remainder for working capital and other general corporate purposes.

On November 15, 2011, OZ Management, as borrower, and certain other subsidiaries of Och-Ziff, as guarantors, entered into a $391 million delayed draw term loan agreement (the "New Term Loan Agreement") with certain financial institutions, as lenders, Goldman Sachs Lending Partners LLC, as administrative agent, Goldman Sachs Credit Partners L.P., as collateral administrative agent, and Goldman Sachs Lending Partners LLC, as lead arranger. The New Term Loan Agreement allows for up to three borrowings in an aggregate amount of up to $391 million, so long as certain conditions are met. The New Term Loan Agreement will be used to consummate the repurchase described above, to make other repurchases and repayments of the indebtedness outstanding under the existing credit agreement and, following repayment in full of such indebtedness, for working capital and other general corporate purposes. The New Term Loan Agreement will mature on November 23, 2016.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained from Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com; BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or email dg.prospectus_requests@baml.com; or Morgan Stanley, via telephone: (866) 718-1649, email: prospectus@morganstanley.com, or standard mail at Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that reflect the Company's current views with respect to, among other things, future events and financial performance. The Company generally identifies forward-looking statements by terminology such as "outlook," "believe," "expect," "potential," "continue," "may," "will," "should," "could," "seek," "approximately," "predict," "intend," "plan," "estimate," "anticipate," "opportunity," "comfortable," "assume," "remain," "maintain," "sustain," "achieve," "see," "think," "position" or the negative version of those words or other comparable words.

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