OZLM Funding III cancels plans to redeem five secured note classes

By Angela McDaniels

Tacoma, Wash., Oct. 21 – OZLM Funding III, Ltd. and OZLM Funding III, LLC withdrew the notice of redemption for their secured notes, according to a notice to noteholders.

The issuers had planned to redeem the class A-1-R notes, class A-2-R notes, class B-R notes, class C-R notes and class D-R notes on Oct. 22 but were unable to complete the redemption by refinancing.

As reported on Oct. 9, OZLM received direction from the collateral manager and holders of a majority of the subordinated notes to redeem one or more classes of secured notes from refinancing proceeds and other amounts available.

The collateral manager is New York-based Sculptor Loan Management LP, formerly known as Och-Ziff Loan Management LP.

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