| Senior Debt |
Senior debt is comprised of the following as of September 30, 2019 and December 31, 2018:
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Outstanding as of |
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Initial |
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Annual |
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September 30, 2019 |
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December 31, 2018 |
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Principal
Amount |
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Maturity
Date |
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Interest
Rate(b) |
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Principal |
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Unamortized
Debt Costs |
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Carrying
Value |
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Principal |
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Unamortized
Debt Costs |
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Carrying
Value |
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Lazard Group 2020
Senior Notes (a) |
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$ |
500,000 |
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11/14/20 |
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4.25 |
% |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
250,000 |
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|
$ |
863 |
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$ |
249,137 |
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Lazard Group 2025
Senior Notes |
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400,000 |
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2/13/25 |
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3.75 |
% |
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400,000 |
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2,534 |
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397,466 |
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400,000 |
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2,888 |
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397,112 |
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Lazard Group 2027
Senior Notes |
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300,000 |
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3/1/27 |
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3.625 |
% |
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300,000 |
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2,920 |
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297,080 |
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300,000 |
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3,215 |
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296,785 |
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Lazard Group 2028
Senior Notes (a) |
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500,000 |
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9/19/28 |
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4.50 |
% |
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500,000 |
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8,038 |
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491,962 |
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500,000 |
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8,774 |
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491,226 |
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Lazard Group 2029
Senior Notes (a) |
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500,000 |
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3/11/29 |
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4.375 |
% |
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500,000 |
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7,587 |
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492,413 |
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- |
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- |
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- |
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Total |
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$ |
1,700,000 |
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$ |
21,079 |
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$ |
1,678,921 |
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$ |
1,450,000 |
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$ |
15,740 |
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$ |
1,434,260 |
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(a) |
During March 2019, Lazard Group completed an offering of $500,000 aggregate principal amount of 4.375% senior notes due 2029 (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually on March 11 and September 11 of each year, beginning September 11, 2019. Lazard Group used a portion of the net proceeds of the 2029 Notes to redeem or otherwise retire $250,000 aggregate principal amount of the 4.25% senior notes due 2020 (the “2020 Notes”). In March 2019, $167,943 aggregate principal amount was redeemed or otherwise retired, and the remaining $82,057 was redeemed or otherwise retired in April 2019. |
During September 2018, Lazard Group completed an offering of $500,000 aggregate principal amount of 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 2020 Notes.
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(b) |
The effective interest rates of Lazard Group’s 3.75% senior notes due February 13, 2025 (the “2025 Notes”), Lazard Group’s 3.625% senior notes due March 1, 2027 (the “2027 Notes”), Lazard Group’s 4.50% senior notes due September 19, 2028 (the “2028 Notes”) and the 2029 Notes are 3.87%, 3.76%, 4.68% and 4.54% respectively. |
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