By Devika Patel
Knoxville, Tenn., Sept. 13 – Lazard Group LLC offered further details about a $500 million issue of 4.5% 10-year senior notes that priced at a spread of 165 basis points over Treasuries on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.079 to yield 4.616%.
The notes (Baa3/A-/BBB+) were initially talked to price with a spread in the Treasuries plus 180 bps area, and guidance later was tightened to the Treasuries plus 170 bps area, plus or minus 5 bps.
The deal was upsized from $400 million.
Citigroup Global Markets Inc. was the bookrunner. Lazard Freres & Co. LLC was a lead manager.
Proceeds will be used to repurchase or redeem up to $250 million of the company’s 4.25% senior notes due 2020 in a cash tender offer and for general corporate purposes.
Lazard is a New York-based financial advisory and asset management firm.
| Issuer: | Lazard Group LLC
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | Sept. 19, 2028
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Lead manager: | Lazard Freres & Co. LLC
|
| Co-managers: | BNY Mellon Capital Markets LLC and HSBC Securities (USA) Inc.
|
| Coupon: | 4.5%
|
| Price: | 99.079
|
| Yield: | 4.616%
|
| Spread: | Treasuries plus 165 bps
|
| Call: | Make-whole call at Treasuries plus 25 bps until June 19, 2028, then a par call
|
| Trade date: | Sept. 12
|
| Settlement date: | Sept. 19
|
| Ratings: | Moody’s: Baa3
|
| S&P: A-
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 170 bps area, plus or minus 5 bps; initial price talk at Treasuries plus 180 bps area
|
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