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SENIOR DEBT
6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
SENIOR DEBT SENIOR DEBT
Senior debt is comprised of the following as of June 30, 2023 and December 31, 2022:
Outstanding as of
June 30, 2023December 31, 2022
Initial
Principal
Amount
Maturity
Date
Annual
Interest
Rate(a)
PrincipalUnamortized
Debt Costs
Carrying
Value
PrincipalUnamortized
Debt Costs
Carrying
Value
Lazard Group
   2025 Senior
   Notes
$400,000 2/13/253.75 %$400,000 $767 $399,233 $400,000 $1,003 $398,997 
Lazard Group
   2027 Senior
   Notes
300,000 3/1/273.625 %300,000 1,430 298,570 300,000 1,625 298,375 
Lazard Group
   2028 Senior
   Notes
500,000 9/19/284.50 %500,000 4,438 495,562 500,000 4,864 495,136 
Lazard Group
   2029 Senior
   Notes
500,000 3/11/294.375 %500,000 4,408 495,592 500,000 4,794 495,206 
Total$1,700,000 $11,043 $1,688,957 $1,700,000 $12,286 $1,687,714 
__________________________

(a)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 Lazard Group’s 4.375% senior notes due March 11, 2029 (the “2029 Notes”) are 3.87%, 3.76%, 4.67% and 4.53%, respectively.

The Company’s senior debt at June 30, 2023 and December 31, 2022 is carried at their principal balances outstanding, net of unamortized debt costs. At those dates, the fair value of such senior debt was approximately $1,610,000 and $1,602,000, respectively. The fair value of the Company’s senior debt is based on market quotations. The Company’s senior debt would be categorized within Level 2 of the hierarchy of fair value measurements if carried at fair value.
On June 6, 2023, Lazard Group entered into a Second Amended and Restated Credit Agreement with a group of lenders for a five-year, $200,000 senior revolving credit facility expiring in June 2028 (the “Second Amended and Restated Credit Agreement”). The Second Amended and Restated Credit Agreement amended and restated the three-year, $200,000 senior revolving credit facility that was due to expire in July 2023 (the “Previous Credit Agreement”) in its entirety. Borrowings under the Second Amended and Restated Credit Agreement generally will bear interest at adjusted term SOFR plus an applicable margin for specific interest periods determined based on Lazard Group’s highest credit rating from an internationally recognized credit agency. The Second Amended and Restated Credit Agreement contains certain covenants, events of default and other customary provisions, including customary benchmark-replacement mechanics.
At June 30, 2023 and December 31, 2022, no amounts were outstanding under the Second Amended and Restated Credit Agreement and the Previous Credit Agreement, respectively.
As of June 30, 2023, the Company had approximately $209,200 in unused lines of credit available to it, including the credit facility provided under the Second Amended and Restated Credit Agreement.
The Second Amended and Restated Credit Agreement and the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable. As of June 30, 2023, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured.