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Lazard Announces Results Of Cash Tender Offer Of Lazard Group LLC

Stocks in this article: LAZ

Lazard Ltd (NYSE:LAZ) announced today the expiration and final results 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 expired at 5:00 p.m. (New York City time) on November 14, 2013. The terms and conditions of the Tender Offer were described by Lazard Group in an Offer to Purchase and related Letter of Transmittal dated November 6, 2013. Acceptance by Lazard Group of any Notes tendered for purchase was subject to the terms and conditions set forth in the Offer to Purchase and related Letter of Transmittal.

As of 5:00 p.m. (New York City time) on November 14, 2013 (the “Expiration Time”), $443,111,000 in aggregate principal amount of the Notes was validly tendered. Lazard Group has accepted for purchase all Notes that were validly tendered and not subsequently validly withdrawn as of the Expiration Time. Holders who validly tendered their Notes on or prior to the Expiration Time and whose Notes were accepted for purchase will receive $1,095.37 per $1,000 principal amount of Notes (plus accrued and unpaid interest, if any), subject to the terms and conditions set forth in the Offer to Purchase and related Letter of Transmittal. Payment for the Notes so purchased is expected to be made today, and the Notes so purchased will be canceled.

On November 14, 2013, Lazard Group delivered to the holders of the Notes a notice of redemption to redeem any and all Notes not purchased in the Tender Offer. All of the remaining then outstanding Notes will be redeemed on December 16, 2013 at a make-whole redemption price, calculated in accordance with the indenture governing the Notes.

Lazard Group retained Citigroup Global Markets Inc., Goldman, Sachs & Co., and Lazard Frères & Co. LLC to serve as the dealer managers for the Tender Offer.

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