Moody's assigns Lazard notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to Lazard Group LLC's offering of $500 million of senior unsecured notes due 2020.

The proceeds from the offering, together with cash on hand, will be used to repay Lazard's $528.5 million 7 1/8% senior unsecured notes due 2015.

The agency maintains a Ba2 corporate family rating for Lazard, together with a Ba2 senior unsecured debt rating.

The outlook is stable.

Moody's said the refinancing transaction is designed to provide a more favorable interest rate and extended duration, and will lead to improvements in Lazard's financial leverage and coverage metrics. The 2020 notes will rank pari passu with the company's existing $548 million 6.85% 2017 senior unsecured notes, which are also rated Ba2.

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