Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 287

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 287
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 used part of the net proceeds to purchase in a tender offer $236 million of the 2025 Notes and on December 12, 2024, the remaining $164 million aggregate principal amount of the 2025 notes were redeemed or otherwise retired.

The indenture and supplemental indentures relating to Lazard Group’s senior notes contain certain covenants (none of which relate to financial condition), events of default and other customary provisions. At December 31, 2024, the Company was in compliance with all of these provisions. We may, to the extent required and subject to restrictions contained in our financing arrangements, use other financing sources, which may cause us to be subject to additional restrictions or covenants.

Guarantor Information

On December 12, 2024, Lazard, Inc. provided an unconditional and irrevocable guarantee for the repayment of the Lazard Group 2027 Notes, 2028 Notes, 2029 Notes and 2031 Notes (collectively, the “Lazard Group Senior Notes”), and on December 23, 2024, the Second Amended and Restated Credit Agreement was amended (such amendment, the “First Amendment to Second Amended and Restated Credit Agreement”), pursuant to which Lazard, Inc. provided an unconditional and irrevocable guarantee for Lazard Group's obligations under the Second Amended and Restated Credit Agreement.  See Note 13 of Notes to Consolidated Financial Statements for additional information regarding senior debt. 

As permitted under Rule 13-01 of Regulation S-X, Lazard, Inc. has excluded summarized financial information for Lazard Group in this Form 10-K because the combined assets, liabilities and results of operations of  Lazard Group for the period were not materially different than the corresponding amounts in Lazard, Inc.’s consolidated financial statements presented herein and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.

Stockholders’ Equity

At December 31, 2024, total stockholders’ equity was $685 million, as compared to $482 million and $675 million at December 31, 2023 and 2022, respectively, including $636 million, $424 million and $556 million attributable to 

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Lazard, Inc. on the respective dates. The net activity in stockholders’ equity during the years ended December 31, 2024 and 2023 is reflected in the table below:

Year Ended December 31,20242023($ in