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Senior Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Senior Debt SENIOR DEBT
Senior debt is comprised of the following as of December 31, 2023 and 2022:
Outstanding as of
December 31, 2023December 31, 2022
Initial
Principal
Amount
Maturity
Date
Annual
Interest
Rate(a)
Principal
Unamortized
Debt Costs
Carrying
Value
Principal
Unamortized
Debt Costs
Carrying
Value
Lazard Group 2025 Senior Notes
$400,000 2/13/253.75 %$400,000 $531 $399,469 $400,000 $1,003 $398,997 
Lazard Group 2027 Senior Notes
300,000 3/1/273.625 %300,000 1,235 298,765 300,000 1,625 298,375 
Lazard Group 2028 Senior Notes
500,000 9/19/284.50 %500,000 4,012 495,988 500,000 4,864 495,136 
Lazard Group 2029 Senior Notes
500,000 3/11/294.375 %500,000 4,022 495,978 500,000 4,794 495,206 
Total$1,700,000 $9,800 $1,690,200 $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.
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 December 31, 2023 and 2022, no amounts were outstanding under the Second Amended and Restated Credit Agreement and the Previous Credit Agreement, respectively.
As of December 31, 2023, the Company had approximately $209,400 in unused lines of credit available to it, including the credit facility provided under the Second Amended and Restated Credit Agreement.
The Second Amended and Restated Credit Agreement and the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable. As of December 31, 2023, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured.
Debt maturities relating to senior borrowings outstanding at December 31, 2023 for each of the five years in the period ending December 31, 2028 and thereafter are set forth in the table below.
Year Ending December 31,
2024$– 
2025400,000 
2026– 
2027300,000 
2028500,000 
Thereafter500,000 
Total$1,700,000 
The Company’s senior debt at December 31, 2023 and 2022 is carried at the principal amount outstanding, net of unamortized debt costs. See Note 7 for information regarding the fair value and fair value hierarchy category of the Company’s senior debt.