Lazard unit gets tenders for $443.11 million of 7.125% notes due 2015

By Susanna Moon

Chicago, Nov. 15 - Lazard Ltd. subsidiary Lazard Group LLC accepted tenders for $443,111,000 of its $528.5 million of outstanding 7.125% senior notes due May 15, 2015.

The tender offer ended at 5 p.m. ET on Nov. 14. The offer began on Nov. 6.

Lazard issued a make-whole call on Nov. 14 for the remaining notes, according to a company press release. The company previously said it would redeem the notes on Dec. 16.

The purchase price was $1,095.37 for each $1,000 principal amount.

Pricing was 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. The reference yield was 0.221%.

The company also will pay accrued interest up to but excluding the settlement date.

Lazard Group completed an issue of $500 million 4.25% senior notes due 2020 on Nov. 6. The offering was a condition of the tender offer.

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

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

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