By Wendy Van Sickle
Columbus, Ohio, March 6 – Lazard Group LLC priced $400 million of 6% seven-year senior notes (Baa3/BBB+/BBB+) at 99.96 to yield 6.007%, or a spread of 190 basis points over Treasuries, on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
Citigroup Global Markets Inc. and Lazard Freres & Co. LLC are the bookrunners.
The firm is offering the notes primarily as a refinancing transaction, with proceeds allocated to fund a tender offer for notes maturing in 2025 and then a related redemption.
Lazard is a New York-based financial advisory and asset management firm.
| Issuer: | Lazard Group LLC
|
| Amount: | $400 million
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| Issue: | Senior notes
|
| Maturity: | March 15, 2031
|
| Bookrunners: | Citigroup Global Markets Inc. and Lazard Freres & Co. LLC
|
| Co-managers: | BNY Mellon Capital Markets, LLC, HSBC Securities (USA) Inc. and Independence Point Securities LLC
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | Cravath, Swaine & Moore LLP
|
| Counsel to underwriters: | Sullivan & Cromwell LLP
|
| Coupon: | 6%
|
| Price: | 99.96
|
| Yield: | 6.007%
|
| Spread: | Treasuries plus 190 bps
|
| Call features: | Make-whole call until Jan. 15, 2031 at Treasuries plus 30 bps; thereafter at par
|
| Trade date: | March 6
|
| Settlement date: | March 12
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Cusip: | 52107QAL9
|
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