Company: LAZ
Filing Date: 2025-07-29
Form Type: 424B5
Source: 0001311370-25-000033
Chunk: 15

Company: Lazard, Inc.
Filing Date: 2025-07-29
Form: 424B5
Chunk 15
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 the common membership interests in Lazard Group and its controlling interest in Lazard Group, Lazard, Inc. does not hold, nor is Lazard, Inc. expected to hold, any material assets directly or have any significant operations. Accordingly, if Lazard Group fails to make a payment on the notes when due, there is no expectation that Lazard, Inc. would have funds to make payments pursuant to its guarantee. Furthermore, Lazard, Inc.’s guarantee of the notes will be structurally subordinated in right of payment to all indebtedness and other liabilities and preferred equity of any of Lazard, Inc.’s subsidiaries (other than Lazard Group), which means that creditors of Lazard, Inc.’s subsidiaries (other than Lazard Group) will be paid from their assets before Lazard, Inc., and therefore holders of the notes by virtue of the guarantee would not have any claims to their assets. In the event of a bankruptcy, liquidation, or dissolution of a subsidiary (other than Lazard Group), that subsidiary may not have sufficient assets remaining to make payments to Lazard, Inc. as a stockholder or other equity holder or otherwise after payment of its liabilities. In addition, Lazard, Inc. will not be subject to any covenants under the guarantee or the indenture prohibiting or otherwise limiting the incurrence of indebtedness. The total balance sheet liabilities of Lazard Group’s subsidiaries as of June 30, 2025, excluding unused commitments made by lenders, totaled approximately $1.4 billion.

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The notes and the guarantees of the notes are unsecured and will be effectively subordinated to Lazard Group’s and Lazard, Inc.’s secured indebtedness to the extent of the assets securing such indebtedness.

The notes and the guarantees of the notes are Lazard Group’s and Lazard, Inc.’s unsecured general obligations, respectively. Holders of Lazard Group’s and Lazard, Inc.’s secured indebtedness, if any, will have claims that are prior to your claims as holders of the notes, to the extent of the assets securing such indebtedness. Thus, in the event of a bankruptcy, liquidation, dissolution, reorganization or similar proceeding, Lazard Group’s and Lazard, Inc.’s pledged assets would be available to satisfy obligations of Lazard Group’s and Lazard, Inc.’s secured indebtedness before any payment could be made on the notes. To the extent that such assets cannot satisfy in