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SENIOR DEBT
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
SENIOR DEBT SENIOR DEBT
Senior debt is comprised of the following as of March 31, 2024 and December 31, 2023:
Outstanding as of
March 31, 2024December 31, 2023
Initial
Principal
Amount		Maturity
Date		Annual
Interest
Rate(b)		PrincipalUnamortized
Debt Costs		Carrying
Value		PrincipalUnamortized
Debt Costs		Carrying
Value
Lazard Group 2025 Senior Notes (a)$400,000 2/13/253.75 %$164,347 $170 $164,177 $400,000 $531 $399,469 
Lazard Group 2027 Senior Notes300,000 3/1/273.625 %300,000 1,138 298,862 300,000 1,235 298,765 
Lazard Group 2028 Senior Notes500,000 9/19/284.50 %500,000 3,799 496,201 500,000 4,012 495,988 
Lazard Group 2029 Senior Notes500,000 3/11/294.375 %500,000 3,828 496,172 500,000 4,022 495,978 
Lazard Group 2031 Senior Notes (a)400,000 3/15/316.00 %400,000 3,968 396,032 – – – 
Total$1,864,347 $12,903 $1,851,444 $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 2031. Interest on the 2031 Notes is payable semi-annually on March 15 and September 15 of each year, beginning September 15, 2024. 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.
(b)The effective interest rates of the 2025 Notes, the 2027 Notes, the 2028 Notes, the 2029 Notes and the 2031 Notes are 3.79%, 3.76%, 4.67%, 4.53% and 6.14%, respectively.
The Company’s senior debt is carried at its principal amount outstanding, net of unamortized debt costs. At March 31, 2024 and December 31, 2023, the fair value of such senior debt was approximately $1,815,000 and $1,652,000, 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 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”). The Second Amended and Restated Credit Agreement amended and restated the three-year, $200,000 senior revolving credit facility that was due to expire in July 2023 (the “Previous Credit Agreement”) in its entirety. 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.
As of March 31, 2024, the Company had approximately $209,200 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 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 March 31, 2024, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured.