Company: LAZ
Filing Date: 2025-07-28
Form Type: 424B5
Source: 0001311370-25-000027
Chunk: 25

Company: Lazard, Inc.
Filing Date: 2025-07-28
Form: 424B5
Chunk 25
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#### Ranking
The notes will be senior unsecured obligations of Lazard Group and will:

• rank equally in right of payment with all of our existing and future senior unsecured indebtedness,

• rank senior in right of payment to any of our future subordinated indebtedness,

• be effectively subordinated to our existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, and

• be structurally subordinated in right of payment to all indebtedness, other liabilities, and preferred equity of our subsidiaries.

As of June 30, 2025, after giving effect to this offering and the application of the estimated net proceeds thereof to repurchase any and all of its outstanding 2027 Notes (assuming 100% participation in the Tender Offer) and to pay fees and expenses related to the foregoing, as described under “Use of Proceeds,” the total outstanding consolidated senior debt of Lazard Group, excluding unused commitments made by lenders, would have totaled approximately $ million, including, in addition to the notes, $1,400 million of senior unsecured indebtedness of Lazard Group, which ranks equally in right of payment with the notes. In addition, Lazard Group is the borrower under a $200 million, five-year senior revolving credit facility with a group of lenders (the “Credit Facility”), which expires in June 2028. As of June 30, 2025, no amounts were outstanding under the Credit Facility. Any amounts outstanding under the Credit Facility in the future will be senior unsecured indebtedness of Lazard Group that will rank equally in right of payment with the notes.

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We only have a stockholder’s claim on the assets of our subsidiaries. This stockholder’s claim is junior to the claims that creditors of those subsidiaries have against those subsidiaries. Holders of the notes will only be creditors of Lazard Group and Lazard, Inc., and not of our subsidiaries. As a result, the notes will be structurally subordinated in right of payment to all indebtedness, other liabilities, and preferred equity of our subsidiaries, including any claims of trade creditors.

Lazard Group’s subsidiaries have other liabilities, including contingent liabilities that may be significant. The indenture does not contain any limitations on the amount of additional indebtedness that we and our subsidiaries may incur. The amount of such indebtedness could be substantial, and such indebtedness may be indebtedness of our subsidiaries, in which case such indebtedness would be structurally