Lazard, Inc.LAZ

Lazard, Inc. Debt Disclosure

10-KFiled Feb 23, 20263 min read
SENIOR DEBT
Senior debt is comprised of the following as of December 31, 2025 and 2024:
Outstanding as of
December 31, 2025December 31, 2024
Initial
Principal
Amount
Maturity
Date
Annual
Interest
Rate
Effective Interest
  Rate		Principal
Unamortized
Debt Costs
Carrying
Value
Principal
Unamortized
Debt Costs
Carrying
Value
Lazard Group 2027 Senior Notes (a)
300,000 3/01/273.625 %– %$– $– $– $300,000 $1,213 $298,787 
Lazard Group 2028 Senior Notes
500,000 9/19/284.50 %4.70 %500,000 2,763 497,237 500,000 3,783 496,217 
Lazard Group 2029 Senior Notes
500,000 3/11/294.375 %4.56 %500,000 2,954 497,046 500,000 3,875 496,125 
Lazard Group
  2031 Senior Notes
400,000 3/15/316.00 %6.16 %400,000 3,419 396,581 400,000 4,077 395,923 
Lazard Group
   2035 Senior
   Notes (a)
300,000 8/1/355.625 %5.72 %300,000 2,778 297,222 – – – 
Total   $1,700,000 $11,914 $1,688,086 $1,700,000 $12,948 $1,687,052 
_____________________
(a)During the third quarter of 2025, Lazard Group LLC completed an offering of 300,000 aggregate principal amount of 5.625% senior notes due in 2035. Interest on the 2035 Notes is payable semi-annually on February 1 and August 1 of each year, beginning February 1, 2026. Lazard Group LLC used the net proceeds from the 2035 Notes to repurchase or redeem all of the issued and outstanding 2027 Notes.
Lazard, Inc. has provided an unconditional and irrevocable guarantee for the repayment of all the senior notes in the table above. The guarantee covers both the principal and interest payments on the senior debt and will remain in effect until all the Lazard Group senior notes are repaid. As of December 31, 2025, the maximum future payments that Lazard, Inc. could be required to make under this guarantee is the same as the principal value in the table above plus accrued interest.
Lazard Group LLC has 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”). Any 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 LLC’s highest credit rating from an internationally recognized credit agency. In conjunction with the Lazard, Inc. guarantee of the Lazard Group LLC’s then outstanding senior notes, on December 23, 2024, the Company and Lazard Group LLC entered into the First Amendment to Second Amended and Restated Credit Agreement pursuant to which Lazard, Inc. provided an unconditional and irrevocable guarantee for the obligations of Lazard Group LLC under the Second Amended and Restated Credit Agreement.
As of December 31, 2025, the Company had approximately $210,000 in unused lines of credit available to it, including the credit facility provided under the Second Amended and Restated Credit Agreement.
The Second Amended and Restated Credit Agreement, the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable.
Debt maturities relating to senior borrowings outstanding at December 31, 2025 for each of the five years in the period ending December 31, 2030 and thereafter are set forth in the table below.
Year Ending December 31,
2026$– 
2027– 
2028500,000 
2029500,000 
2030– 
Thereafter700,000 
Total$1,700,000 
The Company’s senior debt at December 31, 2025 and 2024 is carried at the principal amount 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.

Historical Timeline

Fiscal YearFiled
2025Feb 23, 2026Showing above
2024Feb 24, 2025
2023Feb 23, 2024
2022Feb 23, 2023
2021Feb 28, 2022
2020Feb 26, 2021
2019Feb 25, 2020
2018Feb 26, 2019
2017Feb 27, 2018
2016Feb 24, 2017
2015Feb 25, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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