Lazard announces closing of Senior Notes Offering
NEW YORK, March 11, 2019 – Lazard Ltd (NYSE: LAZ) announced today that its subsidiary Lazard Group LLC (“Lazard Group”) has completed its previously announced offering of $500 million aggregate principal amount of 4.375% Senior Notes due 2029 (the “Notes”). The Notes were issued by Lazard Group and were offered pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission.
The Notes are senior unsecured obligations of Lazard Group. Lazard Group previously announced its intention to use a portion of the net proceeds from the Notes offering to repurchase or redeem any and all of its outstanding 4.250% Senior Notes due November 14, 2020 (the “2020 Notes”), and to pay fees and expenses related to the foregoing, and to use the remaining amount for general corporate purposes, including potential repurchases of shares of Lazard Ltd’s Class A common stock. The previously announced Tender Offer expired today at 5:00 p.m. (New York City time). In that regard, Lazard Ltd previously announced the commencement of a cash tender offer (the “Tender Offer”) by Lazard Group for any and all of the 2020 Notes, and Lazard Ltd announced today that Lazard Group delivered today to the holders of the 2020 Notes a notice of redemption to redeem any and all of the 2020 Notes not purchased in the Tender Offer. All of the remaining then outstanding 2020 Notes will be redeemed on April 10, 2019 at a make-whole redemption price, calculated in accordance with the indenture governing the 2020 Notes.
This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the securities described herein. The Tender Offer was made solely by means of the Offer to Purchase and related Letter of Transmittal and Notice of Guaranteed Delivery dated March 5, 2019. The Tender Offer is void in all jurisdictions where it is prohibited. In those jurisdictions where the securities, blue sky or other laws require the Tender Offer to be made by a licensed broker or dealer, the Tender Offer was deemed to have been made on behalf of Lazard Group by the dealer managers for the Tender Offer or one or more registered brokers or dealers licensed under the laws of such jurisdictions.
Lazard, one of the world's preeminent financial advisory and asset management firms, operates from 43 cities across 26 countries in North and South America, Europe, Asia and Australia. Celebrating its 175th year, the firm provides advice on mergers and acquisitions, capital markets and other strategic matters, restructuring and capital solutions, and asset management services to corporations, partnerships, institutions, governments and individuals. For more information on Lazard, please visit www.lazard.com. Follow Lazard at @Lazard.
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