Lazard prices consideration at $987.80 in 3.75% notes tender offer

Chicago, March 12 – Lazard, Inc. subsidiary Lazard Group LLC priced the consideration for the tender offer relating to its $400 million of outstanding 3.75% senior notes due 2025 (Cusip: 52107QAG0), according to a press release.

The firm is offering $987.80 per $1,000 note, using the 2% U.S. Treasury due Feb. 15, 2025 without a fixed spread adjustment. Interest will be paid to the settlement date.

Pricing was set at 2 p.m. ET on Tuesday.

The tender offer expired at 5 p.m. ET, later in the day. The expiration time was also the deadline.

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. Lazard completed a $400 million offering of 6% senior notes due 2031, as accounted in a separate press release.

As previously reported, 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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