Lazard prices tender offer for $250 million 4.25% notes at 102.218

By Wendy Van Sickle

Columbus, Ohio, March 11 – Lazard Ltd. said that subsidiary Lazard Group LLC priced its cash tender offer for any and all of its $250 million outstanding 4.25% senior notes due Nov. 14, 2020.

The total consideration per $1,000 principal amount of tendered notes will be $1,022.18, according to a press release.

Pricing was set using the bid-side price of the 2.625% U.S. Treasury due Nov. 15, 2020 for a reference yield of 2.53% plus a fixed spread of 35 basis points at 2 p.m. ET on March 11.

The tender offer opened on March 5 and was set expire at 5 p.m. ET on March 11.

Holders also will receive accrued interest up to but excluding the settlement date, which is expected to be the day after the expiration date.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the lead dealer manager. Lazard Freres & Co. LLC (877 364-0850) is the co-dealer manager. D.F. King & Co., Inc. (800 283-2170 or lazard@dfking.com) is the tender and information agent.

The company priced an offering of $150 million of 4.375% 10-year senior notes on March 5, with proceeds to be used to fund the tender.

To the extent any of the outstanding notes are not tendered and accepted in the offer, Lazard Group expects that it will redeem or otherwise retire those notes.

Lazard is a New York-based financial advisory and asset management firm.

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