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SENIOR DEBT
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
SENIOR DEBT SENIOR DEBT
Senior debt is comprised of the following as of September 30, 2024 and December 31, 2023:
Outstanding as of
September 30, 2024December 31, 2023
Initial
Principal
Amount		Maturity
Date		Annual
Interest
Rate		Effective Interest RatePrincipalUnamortized
Debt Costs		Carrying
Value		PrincipalUnamortized
Debt Costs		Carrying
Value
Lazard Group
   2025 Senior
   Notes (a)		$400,000 2/13/253.75 %3.77 %$164,347 $72 $164,275 $400,000 $531 $399,469 
Lazard Group
   2027 Senior
   Notes		300,000 3/1/273.625 %3.76 %300,000 943 299,057 300,000 1,235 298,765 
Lazard Group
   2028 Senior
   Notes		500,000 9/19/284.50 %4.67 %500,000 3,373 496,627 500,000 4,012 495,988 
Lazard Group
   2029 Senior
   Notes		500,000 3/11/294.375 %4.53 %500,000 3,442 496,558 500,000 4,022 495,978 
Lazard Group
   2031 Senior
   Notes (a)		400,000 3/15/316.00 %6.14 %400,000 3,674 396,326 – – – 
Total$1,864,347 $11,504 $1,852,843 $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 in 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. On October 30, 2024, the Company announced that it will redeem all of the issued and outstanding 2025 Notes on December 12, 2024.
The Company’s senior debt is unsecured and is carried at its principal amount outstanding, net of unamortized debt costs. At September 30, 2024 and December 31, 2023, the fair value of such senior debt was approximately $1,876,000 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”). 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 September 30, 2024, the Company had approximately $209,500 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.