Oz Management, along with other subsidiaries of Och-Ziff Capital Management Group, received commitments for a proposed senior secured credit and guaranty agreement, consisting of a $250 million term loan facility and a $100 million revolving facility.

According to a related 8-K filing, JPMorgan Chase acted as administrative agent on the transaction.

The loans under the term loan facility will initially mature five years after the closing date of the agreement, which may be extended pursuant to certain terms. The term loans will bear interest at a per annum rate equal to, at the company’s option, one, three or six month (or twelve months with the consent of each lender or less than three months as may be agreed between the company and the administrative agent) LIBOR, plus an applicable margin of 4.75% or a base rate, plus an applicable margin of 3.75%. Oz Management is expected to select a three-month LIBOR period for the term loans.

The new agreement will replace the company’s existing credit and guaranty agreement, dated as of November 20, 2014. The terms and conditions remain subject to the execution of the definitive documentation in connection thereto. Oz Management expects all associated parties to enter into the agreement on or before the redemption date of the company’s senior notes on May 5, 2018.

Oz Management intends to fund the redemption through a combination of cash on hand and borrowings under the term loan facility.