By Aleesia Forni
Virginia Beach, Feb. 11 – Lazard Group LLC detailed its recent $400 million sale of 3.75% senior notes (Ba1/BBB+/BBB) due 2025 priced at 180 basis points over Treasuries in a FWP filed with the Securities and Exchange Commission.
The notes sold at the tight end of price talk that had been set at 180 bps to 185 bps over Treasuries.
Pricing was at 99.718 to yield 3.784%.
Citigroup Global Markets Inc. and Goldman Sachs & Co. were the joint bookrunners.
Proceeds will be used along with cash on hand to redeem $450 million of the company’s 6.85% senior notes due 2017.
New York-based Lazard Group provides financial advisory and asset management services.
| Issuer: | Lazard Group LLC
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| Amount: | $400 million
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| Description: | Senior notes
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| Maturity: | Feb. 13, 2025
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| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co.
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| Co-manager: | Lazard Frères & Co. LLC, BNY Mellon Capital Markets, LLC, HSBC Securities (USA) Inc.
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| Coupon: | 3.75%
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| Price: | 99.718
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| Yield: | 3.784%
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| Spread: | 180 bps
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| Trade date: | Feb. 10
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| Ratings: | Moody’s: Ba1
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| Standard & Poor’s: BBB+
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| Fitch: BBB
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| Distribution: | SEC-registered
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| Price talk: | 180 bps to 185 bps
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| Make-whole call: | 30 bps
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