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SENIOR DEBT | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
SENIOR DEBT | SENIOR DEBT Senior debt is comprised of the following as of June 30, 2024 and December 31, 2023:
|  |  |  |  |  |  | Outstanding as of
|  |  |  |  |  |  | June 30, 2024 |  | December 31, 2023
| Initial Principal Amount |  | Maturity Date |  | Annual Interest Rate(b) |  | Principal |  | Unamortized Debt Costs |  | Carrying Value |  | Principal |  | Unamortized Debt Costs |  | Carrying Value
Lazard Group 2025 Senior Notes (a) | $ | 400,000 |  |  | 2/13/25 |  | 3.75 | % |  | $ | 164,347 |  |  | $ | 121 |  |  | $ | 164,226 |  |  | $ | 400,000 |  |  | $ | 531 |  |  | $ | 399,469 |
Lazard Group 2027 Senior Notes | 300,000 |  |  | 3/1/27 |  | 3.625 | % |  | 300,000 |  |  | 1,040 |  |  | 298,960 |  |  | 300,000 |  |  | 1,235 |  |  | 298,765 |
Lazard Group 2028 Senior Notes | 500,000 |  |  | 9/19/28 |  | 4.50 | % |  | 500,000 |  |  | 3,586 |  |  | 496,414 |  |  | 500,000 |  |  | 4,012 |  |  | 495,988 |
Lazard Group 2029 Senior Notes | 500,000 |  |  | 3/11/29 |  | 4.375 | % |  | 500,000 |  |  | 3,635 |  |  | 496,365 |  |  | 500,000 |  |  | 4,022 |  |  | 495,978 |
Lazard Group 2031 Senior Notes (a) | 400,000 |  |  | 3/15/31 |  | 6.00 | % |  | 400,000 |  |  | 3,816 |  |  | 396,184 |  |  | – |  |  | – |  |  | – |
Total |  |  |  |  |  |  | $ | 1,864,347 |  |  | $ | 12,198 |  |  | $ | 1,852,149 |  |  | $ | 1,700,000 |  |  | $ | 9,800 |  |  | $ | 1,690,200 |
__________________________ (a)In March 2024, Lazard Group completed an offering of $400,000 aggregate principal amount of 6.00% senior notes due 2031. Interest on the 2031 Notes is payable semi-annually on March 15 and September 15 of each year, beginning September 15, 2024. Lazard Group used a portion of the net proceeds from the 2031 Notes to purchase in a tender offer $235,653 aggregate principal amount of the 2025 Notes. (b)The effective interest rates of the 2025 Notes, the 2027 Notes, the 2028 Notes, the 2029 Notes and the 2031 Notes are 3.78%, 3.76%, 4.67%, 4.53% and 6.14%, respectively. The Company’s senior debt is unsecured and is carried at its principal amount outstanding, net of unamortized debt costs. At June 30, 2024 and December 31, 2023, the fair value of such senior debt was approximately $1,823,000 and $1,652,000, 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. On June 6, 2023, Lazard Group entered into 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’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. As of June 30, 2024, the Company had approximately $209,100 in unused lines of credit available to it, including the credit facility provided under the Second Amended and Restated Credit Agreement. The Second Amended and Restated Credit Agreement and the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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