By Paul A. Harris
Portland, Ore., Nov. 6 - Lazard Group LLC priced a $500 million split-rated issue of 4¼% seven-year senior notes (Ba2/BBB) at a 230 basis points spread to Treasuries on Wednesday, according to an informed source.
The deal was whispered in the high 200 bps spread-range, the source said. Soon thereafter it launched and priced without formal guidance.
The notes came at a 99.671 reoffer price, with a yield of 4.305%.
Citigroup Global Markets Inc. and Goldman Sachs & Co. were the joint bookrunners.
Proceeds will be used to redeem all of the company's outstanding notes due 2015.
New York-based Lazard Group provides financial advisory and asset management services.
| Issuer: | Lazard Group
|
| Face amount: | $500 million
|
| Proceeds: | $498.36 million
|
| Maturity: | Nov. 14, 2020
|
| Securities: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co.
|
| Co-managers: | Lazard Capital Markets LLC, BNY Mellon Capital Markets LLC
|
| Coupon: | 4¼%
|
| Price: | 99.671
|
| Yield: | 4.305%
|
| Spread: | 230 bps
|
| Call protection: | Non-callable
|
| Trade date: | Nov. 6
|
| Settlement date: | Nov. 14
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BBB
|
| Distribution: | SEC registered
|
| Price talk: | None
|
| Marketing: | Quick to market
|
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