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Lazard to remarket, buy back 6.12% senior notes
By Angela McDaniels
Tacoma, Wash., April 22 - Lazard Ltd. said that it will remarket Lazard Group LLC's 6.12% senior notes initially due 2035 and that Lazard Group expects to purchase all or nearly all of the remarketed notes.
The remarketing will begin on May 2, according to a company news release.
The company noted that in a remarketing in which Lazard Group does not participate, the maturity of all the notes will be reset at Lazard's option to a date falling between May 15, 2010 and May 15, 2035 and interest will accrue at the reset rate determined by the remarketing agent.
Lazard Group said that if it purchases all or a substantial portion of the remarketed notes, it expects that the maturity will be reset to May 15, 2010 and that the interest rate will be reset to 4%.
Notes that make up a component of Lazard's 6.625% equity security units due May 15, 2008 will automatically be remarketed unless the holder early settles the related purchase contracts by 10 a.m. ET on April 28 or opts out by delivering notice and $25 per unit by 5 p.m. ET on April 28.
Notes that are not a component of the equity security units will not be remarketed unless holders elect to include their notes in the remarketing by 5 p.m. ET on April 28.
Lazard said the company is repurchasing the remarketed notes because current conditions in the debt capital markets may make remarketing the notes to third parties unadvisable at this time. The repurchase will be funded from the company's cash position.
Lazard Group may resell the notes at a later date, according to the filing.
Lazard Freres & Co. LLC is the remarketing agent and will receive a remarketing fee of 0.25% of the principal amount of remarketed notes. Additional information can be obtained from Lazard Investor Relations (212 632-1905).
Lazard is a New York-based financial advisory and asset management firm.
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