Senior Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Senior Debt

13. SENIOR DEBT

Senior debt is comprised of the following as of December 31, 2021 and 2020:

							Outstanding as of
	Initial			Annual			December 31, 2021						December 31, 2020
	Principal Amount		Maturity Date	Interest Rate(a)			Principal		Unamortized Debt Costs		Carrying Value		Principal		Unamortized Debt Costs		Carrying Value
Lazard Group    2025 Senior    Notes	$	400,000	2/13/25		3.75	%	$	400,000	$	1,476	$	398,524	$	400,000	$	1,948	$	398,052
Lazard Group    2027 Senior    Notes		300,000	3/1/27		3.625	%		300,000		2,015		297,985		300,000		2,405		297,595
Lazard Group    2028 Senior    Notes		500,000	9/19/28		4.50	%		500,000		5,716		494,284		500,000		6,568		493,432
Lazard Group    2029 Senior    Notes		500,000	3/11/29		4.375	%		500,000		5,566		494,434		500,000		6,338		493,662
Total							$	1,700,000	$	14,773	$	1,685,227	$	1,700,000	$	17,259	$	1,682,741

(a) The effective interest rates of Lazard Group’s 3.75% senior notes due February 13, 2025 (the “2025 Notes”), Lazard Group’s 3.625% senior notes due March 1, 2027 (the “2027 Notes”), Lazard Group’s 4.50% senior notes due September 19, 2028 (the “2028 Notes”) and Lazard Group’s 4.375% senior notes due March 11, 2029 (the “2029 Notes”) are 3.87%, 3.76%, 4.67% and 4.53%, respectively.

On July 22, 2020, Lazard Group entered into an Amended and Restated Credit Agreement for a three-year, $200,000 senior revolving credit facility with a group of lenders, which expires in July 2023 (the “Amended and Restated Credit Agreement”). The Amended and Restated Credit Agreement amended and restated Lazard Group’s amended and restated credit agreement, dated September 25, 2015, in its entirety. Borrowings under the Amended and Restated Credit Agreement generally will bear interest at LIBOR plus an applicable margin for specific interest periods determined based on Lazard Group’s highest credit rating from an internationally recognized credit agency.

The Amended and Restated Credit Agreement contains certain covenants, events of default and other customary provisions, including customary LIBOR-replacement mechanics. At December 31, 2021 and 2020, no amounts were outstanding under the Amended and Restated Credit Agreement.

As of December 31, 2021, the Company had approximately $206,800 in unused lines of credit available to it, including the credit facility provided under the Amended and Restated Credit Agreement and unused lines of credit available to LFB of approximately $6,000.

The 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. As of December 31, 2021, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured.

Debt maturities relating to senior borrowings outstanding at December 31, 2021 for each of the five years in the period ending December 31, 2026 and thereafter are set forth in the table below.

Year Ending December 31,
2022 - 2024	$	-
2025		400,000
2026		-
Thereafter		1,300,000
Total	$	1,700,000

The Company’s senior debt at December 31, 2021 and 2020 is carried at their principal balances 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.