Lazard Ltd (NYSE:LAZ) announced today the Total Consideration as set forth in the table below in respect of the previously announced cash tender offer (the “Tender Offer”) of its subsidiary Lazard Group LLC (“Lazard Group”) for any and all of its outstanding 7.125% Senior Notes due May 15, 2015 (the “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 today at 5:00 p.m. (New York City time), 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.
As previously announced, 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 was 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 below, calculated by the Dealer Managers for the Tender Offer as of 2:00 p.m. (New York City time) today, the date on which the Tender Offer is currently scheduled to expire, and is set forth in the table below.
|Title of Security||CUSIP/ISIN No.||Principal Amount Outstanding||UST Reference Security||Bloomberg Reference Page||Reference Yield||Fixed Spread (bps)||Total Consideration Excluding Accrued Interest(1)|
|7.125%SeniorNotesdue2015||52107QAC9/US52107QAC9652107QAA3/US52107QAA31U51391AA5/USU51391AA50||$528,500,000||0.25% USTdue May 15,2015||FIT4||0.221%||50||$1,095.37|
|(1)||Per $1,000 principal amount of Notes validly tendered and not subsequently validly withdrawn on or prior to the Expiration Time.|
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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