Lazard begins tender offer for $528.5 million 7.125% notes due 2015

By Susanna Moon

Chicago, Nov. 6 - Lazard Ltd. said subsidiary Lazard Group LLC began a cash tender offer for its $528.5 million of outstanding 7.125% senior notes due May 15, 2015.

The tender offer will end at 5 p.m. ET on Nov. 14.

Pricing for the offer will be set at 2 p.m. ET on Nov. 14 using the yield to maturity of the 0.25% U.S. Treasury note due May 15, 2015 plus a fixed spread of 50 basis points, according to a company press release.

The company also will pay accrued interest up to but excluding the settlement date, which is expected to occur on the business day after the offer ends.

The tender offer is conditioned on the completion of at least $500 million principal amount of senior notes.

Lazard said it expects to call any notes not purchased in the offer at a make-whole redemption price.

Citigroup Global Markets Inc. (800 558-3745), Goldman, Sachs & Co. (800 828-3182) and Lazard Freres & Co. LLC (877 364-0850) are the dealer managers. D.F. King & Co., Inc. is the information agent.

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

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