Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 62

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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000 3,913 396,087 400,000 4,077 395,923 Total$1,700,000 $12,159 $1,687,841 $1,700,000 $12,948 $1,687,052 Lazard, Inc. has 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”). The guarantee covers both the principal and interest payments on the senior debt and will remain in effect until all the Lazard Group Senior Notes are repaid. As of March 31, 2025, the maximum future payments that Lazard, Inc. could be required to make under this guarantee is the same as the carrying amount on the condensed consolidated statements of financial condition plus accrued interest. In conjunction with the Lazard, Inc. guarantee of the Lazard Group Senior Notes, Lazard, Inc. provided an unconditional and irrevocable guarantee for the obligations of Lazard Group LLC under the Second Amended and Restated Credit Agreement (see below).The Company’s senior debt is unsecured and is carried at its principal amount outstanding, net of unamortized debt costs. At March 31, 2025 and December 31, 2024, the fair value of such senior debt was approximately $1,697,000 and $1,682,000, 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.Lazard Group LLC has 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”). 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 LLC’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. In conjunction with the Lazard, Inc. guarantee of the Lazard Group Senior Notes, on December 23, 2024, the Company and L