Senior Debt (Tables)

12 Months Ended

Dec. 31, 2017

Senior debt is comprised of the following as of December 31, 2017 and 2016:

							Outstanding as of
	Initial			Annual			December 31, 2017						December 31, 2016
	Principal Amount		Maturity Date	Interest Rate(b)			Principal		Unamortized Debt Costs		Carrying Value		Principal		Unamortized Debt Costs		Carrying Value
Lazard Group 2020 Senior Notes	$	500,000	11/14/20		4.25	%	$	500,000	$	2,647	$	497,353	$	500,000	$	3,569	$	496,431
Lazard Group 2025 Senior Notes (a)		400,000	2/13/25		3.75	%		400,000		3,361		396,639		400,000		3,833		396,167
Lazard Group 2027 Senior Notes (a)		300,000	3/1/27		3.625	%		300,000		3,609		296,391		300,000		3,998		296,002
Total							$	1,200,000	$	9,617	$	1,190,383	$	1,200,000	$	11,400	$	1,188,600

(a)

During November 2016, Lazard Group completed an offering of $300,000 aggregate principal amount of 3.625% senior notes due 2027 (the “2027 Notes”). Interest on the 2027 Notes is payable semi-annually on March 1 and September 1 of each year, beginning March 1, 2017. Lazard Group used a portion of the net proceeds of the 2027 Notes to redeem or otherwise retire all $98,350 of the 6.85% senior notes due June 2017 (the “2017 Notes”), which, including the recognition of unamortized issuance costs, resulted in a loss on debt extinguishment of $3,148. Such loss on debt extinguishment was recorded in “operating expenses—other” on the consolidated statement of operations for the year ended December 31, 2016.

During February 2015, Lazard Group completed an offering of $400,000 aggregate principal amount of 3.75% senior notes due 2025 (the “2025 Notes”). Interest on the 2025 Notes is payable semi-annually on March 1 and September 1 of each year. Lazard Group used the net proceeds of the 2025 Notes, together with cash on hand, to redeem or otherwise retire $450,000 of the 2017 Notes, which, including the recognition of unamortized issuance costs, resulted in a loss on debt extinguishment of $60,219. Such loss on debt extinguishment was recorded in “operating expenses—other” on the consolidated statement of operations for the year ended December 31, 2015.

(b)

The effective interest rates of Lazard Group’s 4.25% senior notes due November 14, 2020 (the “2020 Notes”), the 2025 Notes and the 2027 Notes are 4.43%, 3.87% and 3.76%, respectively.

Debt Maturities Relating to Senior Borrowings Outstanding

Debt maturities relating to senior borrowings outstanding at December 31, 2017 for each of the five years in the period ending December 31, 2022 and thereafter are set forth in the table below.

Year Ending December 31,
2018 - 2019	$	-
2020		500,000
2021 - 2022		-
Thereafter		700,000
Total	$	1,200,000