By Cristal Cody
Eureka Springs, Ark., Nov. 1 – Lazard Group LLC priced $300 million of 3.625% long 10-year senior notes at 99.569 to yield 3.676% on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes due March 1, 2027 (Baa3/A-/BBB+) priced with a spread of 185 basis points over Treasuries.
Citigroup Global Markets Inc. and Goldman Sachs & Co. were the bookrunners.
Proceeds will be used to redeem or retire $98.4 million outstanding of the company’s notes due 2017 and for general corporate purposes, including to repurchase shares of Lazard’s class A common stock.
Lazard announced on Tuesday that its board of directors has authorized additional share repurchases of $236 million through Dec. 31, 2018, which brings the total share repurchase authorization of the company to $400 million.
Lazard is a New York-based financial advisory and asset management firm.
| Issuer: | Lazard Group LLC
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | March 1, 2027
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co.
|
| Co-managers: | Lazard Freres & Co. LLC, BNY Mellon Capital Markets, LLC, HSBC Securities (USA) Inc.
|
| Coupon: | 3.625%
|
| Price: | 99.569
|
| Yield: | 3.676%
|
| Spread: | Treasuries plus 185 bps
|
| Call feature: | Prior to three months before maturity at greater of par and Treasuries plus 30 bps; thereafter at par
|
| Trade date: | Nov. 1
|
| Settlement date: | Nov. 4
|
| Ratings: | Moody’s: Baa3
|
| S&P: A-
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
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