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Lazard takes in tenders of $166.82 million 4.25% notes due 2020
By Wendy Van Sickle
Columbus, Ohio, March 12 – Lazard Ltd. subsidiary Lazard Group LLC took in and accepted tenders of $166,823,000 of notes in its cash offer for any and all of its $250 million outstanding 4.25% senior notes due Nov. 14, 2020, according to a news release.
The total does not include any tenders submitted under guaranteed delivery procedures.
On Monday evening Lazard called for redemption any of the notes that remain outstanding following the tender offer, which expired at 5 p.m. ET on March 11.
The remaining notes will be redeemed on April 10 at a make-whole redemption price.
In the tender offer, the total consideration per $1,000 principal amount of tendered notes was $1,022.18.
Pricing was set using the bid-side price of the 2.625% U.S. Treasury due Nov. 15, 2020 for a reference yield of 2.53% plus a fixed spread of 35 basis points at 2 p.m. ET on March 11.
The tender offer opened on March 5.
Holders also were to receive accrued interest up to but excluding the settlement date, which was set for March 12. Tenders submitted under guaranteed delivery procedures are to settle on March 14.
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 priced an offering of $500 million of 4.375% 10-year senior notes on March 5, with proceeds to be used to fund the tender and the redemption. Remaining proceeds will be used for general corporate purposes, including repurchases of the company’s class A common stock.
Lazard is a New York-based financial advisory and asset management firm.
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