Lazard holds one-week tender for $250 million 4.25% notes due 2020

By Sarah Lizee

Olympia, Wash., March 5 – Lazard Ltd. announced that subsidiary Lazard Group LLC began a cash tender offer for any and all of its $250 million outstanding 4.25% senior notes due Nov. 14, 2020.

The tender offer will expire at 5 p.m. ET on March 11.

Pricing will be set using the bid-side price of the 2.625% U.S. Treasury due Nov. 15, 2020 plus a fixed spread of 35 basis points at 2 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 plans to price an offering of dollar-denominated fixed-rate senior notes with proceeds to be used to fund the tender, according to a 424B5 filing with the Securities and Exchange Commission.

To the extent any of the outstanding notes are not tendered and accepted in the offer, Lazard Group currently 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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