| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers L > Headlines for Lazard, Inc. > News item |
Lazard accepts $235.65 million tendered 3.75% notes due 2025
By Marisa Wong
Los Angeles, March 13 – Lazard, Inc. announced the results of subsidiary Lazard Group LLC’s March 6 cash tender offer for its $400 million of outstanding 3.75% senior notes due 2025 (Cusip: 52107QAG0).
As of the expiration of the offer at 5 p.m. ET on March 12, holders had tendered $235,653,000 of the notes, not including notes tendered under guaranteed delivery procedures, according to a Wednesday press release.
The issuer has accepted for purchase all those tendered notes.
The firm is offering $987.80 per $1,000 note, calculated using the 2% U.S. Treasury due Feb. 15, 2025 without a fixed spread adjustment. Interest will be paid to the settlement date.
Pricing was set at 2 p.m. ET on Tuesday.
Settlement of the accepted notes is expected to occur on March 13, and settlement of tenders under guaranteed delivery procedures is expected to occur on March 15.
The tender offer is conditioned on the receipt of proceeds from one or more offerings of senior notes sufficient to fund the purchase of the 2025 notes. Lazard completed a $400 million offering of 6% senior notes due 2031, as accounted in a separate press release.
Lazard said before that it may consider open market purchases, privately negotiated transactions, tender offers, exchange offers or redemptions for any notes not tendered in the offer.
Citigroup Global Markets Inc. is the lead dealer manager. Lazard Freres & Co. LLC is the co-dealer manager.
D.F. King & Co., Inc. is the information and tender agent for the offer (212 269-5550, lazard@dfking.com, www.dfking.com/lazard).
Lazard is a New York-based financial advisory and asset management firm.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.