Lazard Ltd (NYSE:LAZ) announced today that its subsidiary Lazard Group LLC (“Lazard Group”) is commencing a cash tender offer (the “Tender Offer”) for any and all of its outstanding 7.125% Senior Notes due May 15, 2015 (the 2015 “Notes”).
The Tender Offer is being made upon the terms and conditions in the Offer to Purchase and related Letter of Transmittal dated November 6, 2013. The Tender Offer will expire at 5:00 p.m. (New York City time) on November 14, 2013, unless extended or terminated as described in the Offer to Purchase (such time and date, as they may be extended, the “Expiration Time”). Holders of the Notes are urged to carefully read the Offer to Purchase and related Letter of Transmittal before making any decision with respect to the Tender Offer.
The following table summarizes certain material terms of the Tender Offer:
|Title of Security||CUSIP/ISIN No.||Principal Amount Outstanding||UST Reference Security||Bloomberg Reference Page||Fixed Spread (bps)|
|7.125%SeniorNotes due2015||52107QAC9/US52107QAC9652107QAA3/US52107QAA31U51391AA5/USU51391AA50||$528,500,000||0.25% UST dueMay 15, 2015||FIT4||50|
Holders must validly tender and not subsequently validly withdraw their Notes on or prior to the Expiration Time to be eligible to receive the “Total Consideration.” The Total Consideration for each $1,000 principal amount of Notes validly tendered and not subsequently withdrawn will be determined in the manner described in the Offer to Purchase by reference to the fixed spread over the yield to maturity of the UST Reference Security listed above, calculated by the Dealer Managers for the Tender Offer as of 2:00 p.m. (New York City time) on November 14, 2013, the date on which the Tender Offer is currently scheduled to expire. In addition to the Total Consideration, accrued and unpaid interest up to, but not including, the Settlement Date (as defined below) will be payable in cash on all validly tendered and accepted Notes. The Settlement Date is expected to occur on the next business day following the Expiration Time (the “Settlement Date”).
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