| Item 1.01 | Entry into a Material Definitive Agreement. |
On March 12, 2024, Lazard Group LLC (the “Company”), a subsidiary of Lazard, Inc., completed its previously announced offering of an aggregate principal amount of $400,000,000 of the Company’s 6.000% Senior Notes due 2031 (the “Notes”) in a registered public offering pursuant to the Company’s shelf registration statement on Form S-3 (Registration No. 333-263578).
The Notes were issued pursuant to a tenth supplemental indenture, dated March 12, 2024, (the “Tenth Supplemental Indenture”), between the Company and The Bank of New York Mellon, as trustee, to an indenture, dated May 10, 2005 (the “Indenture”), between the Company and The Bank of New York Mellon (formerly known as The Bank of New York), as trustee. The Notes bear interest at the rate of 6.000% per year. Interest on the Notes is payable on March 15 and September 15 of each year, beginning on September 15, 2024. The Notes will mature on March 15, 2031. The Company may, at its option, redeem some or all of the Notes at any time by paying the applicable redemption prices set forth in the Indenture and the Tenth Supplemental Indenture. In addition, holders of the Notes may require the Company to repurchase the Notes upon the occurrence of a change of control triggering event. The Notes are senior unsecured obligations of the Company and rank equally with all of its other existing and future senior unsecured indebtedness. Neither Lazard, Inc. nor any of the Company’s subsidiaries will guarantee the Notes. The Indenture and Tenth Supplemental Indenture contain certain covenants, events of default and other customary provisions.
On March 6, 2024, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Citigroup Global Markets Inc., as representative of the several underwriters listed on Schedule I thereto (collectively, the “Underwriters”), pursuant to which the Company agreed to sell and the Underwriters agreed to purchase, subject to and upon terms and conditions set forth therein, the Notes.
The foregoing descriptions of the Notes, the Indenture, the Tenth Supplemental Indenture and the Underwriting Agreement are only a summary and are qualified in their entirety by reference to the full text of the Indenture, the Tenth Supplemental Indenture and the Underwriting Agreement. A copy of the Tenth Supplemental Indenture is attached hereto as Exhibit 4.1, a copy of the Indenture is attached as Exhibit 4.1 to the Company’s Registration Statement (File No. 333-126751) on Form S-4 filed on July 21, 2005, a copy of the Underwriting Agreement is attached hereto as Exhibit 1.1 and each is incorporated herein by reference.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
On March 12, 2024, Lazard, Inc. issued a press release announcing the total consideration for the Company’s previously announced cash tender offer (the “Tender Offer”) for any and all of the Company’s 3.750% Senior Notes due February 13, 2025 (the “2025 Notes”). A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
On March 12, 2024, Lazard, Inc. issued a separate press release announcing the completion of the offering of the Notes by the Company. The Company previously announced its intention to use a portion of the net proceeds from the offering of the Notes to repurchase all 2025 Notes that are validly tendered and not validly withdrawn and accepted for purchase pursuant to the Tender Offer, and to pay fees and expenses related to the Tender Offer, and to use the remaining amount for general corporate purposes. A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
