Lazard, Inc. (NYSE: LAZ) has announced the results of its cash tender offer of its subsidiary Lazard Group LLC for its outstanding 3.750% senior notes due February 13, 2025. The tender offer expired on March 12, 2024, and as of that time, $235,653,000 in aggregate principal amount of the notes was validly tendered and not validly withdrawn.
Lazard Group has accepted for purchase all of the accepted notes, and holders of the accepted notes will receive the "total consideration" of $987.80 per $1,000 principal amount of notes. In addition to the total consideration, such holders will also receive accrued and unpaid interest up to, but not including, the settlement date, which is expected to occur on March 13, 2024.
The closing of the tender offer is subject to the satisfaction or waiver of certain conditions as set forth in the offer to purchase, and any notes purchased pursuant to the tender offer will be canceled.
Lazard Group retained Citigroup Global Markets Inc. and Lazard Frères & Co. LLC to serve as the dealer managers for the tender offer.
Founded in 1848, Lazard is a leading financial advisory and asset management firm with operations across the globe. The company provides advice on various financial matters and offers asset management and investment solutions to a wide range of clients.
The market has reacted to these announcements by moving the company's shares 3.2% to a price of $39.48. If you want to know more, read the company's complete 8-K report here.
