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Nov. 15 (Bloomberg) -- Och-Ziff Capital Management Group LLC, the $28.9 billion hedge fund run by Daniel Och, said it plans to raise $250 million by selling shares and will use the proceeds to help pay debt.
The hedge fund expects to grant underwriters an option to buy an additional 15 percent of the offered Class A shares, the New York-based firm said in a statement today.
Och-Ziff said that it will use the money to repurchase outstanding debt. Partners, employees and other large shareholders won’t sell any shares in connection with the offering, which is being managed by Goldman Sachs Group Inc., Bank of America Corp. and Morgan Stanley.
OZ Management LP, one of Och-Ziff’s units, today entered into a $391 million delayed loan agreement, the hedge fund said.
Och-Ziff dropped 1.1 percent to close at $9.20 in New York trading. Its shares declined 41 percent this year.
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