Senior Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Senior Debt

9. SENIOR DEBT

Senior debt is comprised of the following as of September 30, 2022 and December 31, 2021:

							Outstanding as of
	Initial			Annual			September 30, 2022						December 31, 2021
	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	$	1,121	$	398,879	$	400,000	$	1,476	$	398,524
Lazard Group 2027    Senior Notes		300,000	3/1/27		3.625	%		300,000		1,723		298,277		300,000		2,015		297,985
Lazard Group 2028    Senior Notes		500,000	9/19/28		4.50	%		500,000		5,077		494,923		500,000		5,716		494,284
Lazard Group 2029    Senior Notes		500,000	3/11/29		4.375	%		500,000		4,987		495,013		500,000		5,566		494,434
Total							$	1,700,000	$	12,908	$	1,687,092	$	1,700,000	$	14,773	$	1,685,227

(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.

The Company’s senior debt at September 30, 2022 and December 31, 2021 is carried at their principal balances outstanding, net of unamortized debt costs. At those dates, the fair value of such senior debt was approximately $1,578,000 and $1,885,000, 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 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 September 30, 2022 and December 31, 2021, no amounts were outstanding under the Amended and Restated Credit Agreement.

As of September 30, 2022, the Company had approximately $208,300 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 $7,300.

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 September 30, 2022, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured.