v3.25.2
SENIOR DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
SENIOR DEBT SENIOR DEBT
Senior debt is comprised of the following as of June 30, 2025 and December 31, 2024:
Outstanding as of
June 30, 2025December 31, 2024
Initial
Principal
Amount		Maturity
Date		Annual
Interest
Rate		Effective Interest RatePrincipalUnamortized
Debt Costs		Carrying
Value		PrincipalUnamortized
Debt Costs		Carrying
Value
Lazard Group
   2027 Senior
   Notes		300,000 3/1/273.625 %3.81 %$300,000 $934 $299,066 $300,000 $1,213 $298,787 
Lazard Group
   2028 Senior
   Notes		500,000 9/19/284.50 %4.70 %500,000 3,273 496,727 500,000 3,783 496,217 
Lazard Group
   2029 Senior
   Notes		500,000 3/11/294.375 %4.56 %500,000 3,414 496,586 500,000 3,875 496,125 
Lazard Group
   2031 Senior
   Notes 		400,000 3/15/316.00 %6.16 %400,000 3,748 396,252 400,000 4,077 395,923 
Total$1,700,000 $11,369 $1,688,631 $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 June 30, 2025, the maximum future payments that Lazard, Inc. could be required to make under this guarantee is the same as the principal value in the table above 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 June 30, 2025 and December 31, 2024, the fair value of such senior debt was approximately $1,716,000 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”). Any 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 Lazard Group LLC entered into the First Amendment to Second Amended and Restated Credit Agreement (the “First Amendment”).
As of June 30, 2025, the Company had approximately $210,000 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.