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Senior Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Senior Debt SENIOR DEBT
Senior debt is comprised of the following as of December 31, 2024 and 2023:
Outstanding as of
December 31, 2024December 31, 2023
Initial
Principal
Amount
Maturity
Date
Annual
Interest
Rate
Effective Interest
  Rate		Principal
Unamortized
Debt Costs
Carrying
Value
Principal
Unamortized
Debt Costs
Carrying
Value
Lazard Group 2025 Senior Notes (a)
$400,000 2/13/253.75 %– %$– $– $– $400,000 $531 $399,469 
Lazard Group 2027 Senior Notes
300,000 3/1/273.625 %3.81 %300,000 1,213 298,787 300,000 1,235 298,765 
Lazard Group 2028 Senior Notes
500,000 9/19/284.50 %4.70 %500,000 3,783 496,217 500,000 4,012 495,988 
Lazard Group 2029 Senior Notes
500,000 3/11/294.375 %4.56 %500,000 3,875 496,125 500,000 4,022 495,978 
Lazard Group
  2031 Senior Notes (a)
400,000 3/15/316.00 %6.16 %400,000 4,077 395,923 – – $– 
Total$1,700,000 $12,948 $1,687,052 $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 in 2031. Interest on the 2031 Notes is payable semi-annually on March 15 and September 15 of each year, beginning September 15, 2024. Shortly following the offering, 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. On December 12, 2024, the remaining $164,347 aggregate principal amount of the 2025 Notes was redeemed or otherwise retired.
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”). 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 December 31, 2024, the maximum future payments that Lazard, Inc. could be required to make under this guarantee is the same as the carrying amount on the consolidated statements of financial
condition plus accrued interest. On December 23, 2024, 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 under the Second Amended and Restated Credit Agreement (see below).
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. In conjunction with the Lazard, Inc. guarantee of the Lazard Group Senior Notes, on December 23, 2024, the Company and Lazard Group entered into the First Amendment to Second Amended and Restated Credit Agreement (the “First Amendment”).
As of December 31, 2024, the Company had approximately $208,800 in unused lines of credit available to it, including the credit facility provided under the Second Amended and Restated Credit Agreement.
The Second Amended and Restated Credit Agreement, the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable.
Debt maturities relating to senior borrowings outstanding at December 31, 2024 for each of the five years in the period ending December 31, 2029 and thereafter are set forth in the table below.
Year Ending December 31,
2025$– 
2026– 
2027300,000 
2028500,000 
2029500,000 
Thereafter400,000 
Total$1,700,000 
The Company’s senior debt at December 31, 2024 and 2023 is carried at the principal amount outstanding, net of unamortized debt costs. See Note 7 for information regarding the fair value and fair value hierarchy category of the Company’s senior debt.