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Lazard opens any-and-all tender offer for 3.75% notes due 2025
Chicago, March 6 – Lazard, Inc. subsidiary Lazard Group LLC launched a tender offer on Wednesday for the $400 million of outstanding 3.75% senior notes due 2025 (Cusip: 52107QAG0), according to a press release.
The consideration will be based on the 2% U.S. Treasury due Feb. 15, 2025 without a fixed spread adjustment. Interest will be paid to the settlement date.
Pricing will be set at 2 p.m. ET on March 12.
The offer expires at 5 p.m. ET on March 12, also the withdrawal deadline. Tenders may also be withdrawn after 60 days if for any reason the tender offer has not been consummated.
The offer is conditional, linked to the receipt of proceeds from one or more offerings of senior notes sufficient to fund the purchase of the notes.
There are guaranteed delivery procedures, with notes tendered via that method due two business days after the expiration time.
Settlement is expected the business day after the expiration time with settlement for guaranteed delivery three business days after the expiration time.
Assuming all of the 2025 notes are purchased in the tender offer, the company will incur a gain on debt extinguishment of about $4.3 million.
Lazard may consider open market purchases, privately negotiated transactions, tender offers, exchange offers or redemptions for any notes not tendered in the offer.
Citigroup Global Markets Inc. is the lead dealer manager. Lazard Freres & Co. LLC is the co-dealer manager.
D.F. King & Co., Inc. is the information and tender agent for the offer (212 269-5550, lazard@dfking.com, www.dfking.com/lazard).
Lazard is a New York-based financial advisory and asset management firm.
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