Senior Debt (Tables)

12 Months Ended

Dec. 31, 2018

Senior debt is comprised of the following as of December 31, 2018 and 2017:

							Outstanding as of
	Initial			Annual			December 31, 2018						December 31, 2017
	Principal Amount		Maturity Date	Interest Rate(b)			Principal		Unamortized Debt Costs		Carrying Value		Principal		Unamortized Debt Costs		Carrying Value
Lazard Group 2020 Senior Notes (a)	$	500,000	11/14/20		4.25	%	$	250,000	$	863	$	249,137	$	500,000	$	2,647	$	497,353
Lazard Group 2025 Senior Notes		400,000	2/13/25		3.75	%		400,000		2,888		397,112		400,000		3,361		396,639
Lazard Group 2027 Senior Notes (a)		300,000	3/1/27		3.625	%		300,000		3,215		296,785		300,000		3,609		296,391
Lazard Group 2028 Senior Notes (a)		500,000	9/19/28		4.50	%		500,000		8,774		491,226		-		-		-
Total							$	1,450,000	$	15,740	$	1,434,260	$	1,200,000	$	9,617	$	1,190,383

(a)

In September 2018, Lazard Group completed an offering of $500,000 aggregate principal amount of 4.50% senior notes due 2028 (the “2028 Notes”). Interest on the 2028 Notes is payable semi-annually on March 19 and September 19 of each year, beginning March 19, 2019. Lazard Group used a portion of the net proceeds of the 2028 Notes to redeem or otherwise retire $250,000 aggregate principal amount of the 4.25% senior notes due 2020 (the “2020 Notes”), which, including the recognition of unamortized issuance costs, resulted in a loss on debt extinguishment of $6,523. Such loss on debt extinguishment was recorded in “operating expenses—other” on the consolidated statement of operations for the year ended December 31, 2018.

During November 2016, Lazard Group completed an offering of $300,000 aggregate principal amount of 3.625% senior notes due 2027 (the “2027 Notes”). Interest on the 2027 Notes is payable semi-annually on March 1 and September 1 of each year, beginning March 1, 2017. Lazard Group used a portion of the net proceeds of the 2027 Notes to redeem or otherwise retire all $98,350 of the 6.85% senior notes due June 2017 (the “2017 Notes”), which, including the recognition of unamortized issuance costs, resulted in a loss on debt extinguishment of $3,148. Such loss on debt extinguishment was recorded in “operating expenses—other” on the consolidated statement of operations for the year ended December 31, 2016.

(b)

The effective interest rates of Lazard Group’s 2020 Notes, the 3.75% senior notes due February 13, 2025 (the “2025 Notes”), the 2027 Notes and the 2028 Notes are 4.43%, 3.87%, 3.76% and 4.68%, respectively.

Debt Maturities Relating to Senior Borrowings Outstanding

Debt maturities relating to senior borrowings outstanding at December 31, 2018 for each of the five years in the period ending December 31, 2023 and thereafter are set forth in the table below.

Year Ending December 31,
2019	$	-
2020		250,000
2021 - 2023		-
Thereafter		1,200,000
Total	$	1,450,000