In a report published Tuesday, Credit Suisse analyst Ashley N. Serrao reiterated an Outperform rating on Lazard Ltd. LAZ, and raised the price target from $57.83 to $59.00.
In the report, Credit Suisse noted, "On Friday afternoon, Lazard announced the offering of $400 million of senior notes at 3.75% due in 2025—the proceeds along with $50 million of firm cash will be used to partially retire $450 million of the $548 million outstanding 6.85% senior notes due in 2017. In addition, we estimate a $60 million charge (difference between carrying and fair value) for early redemption of these notes. This will leave $98 million of the 6.85% notes on Lazard's balance sheet, and reduce Lazard's interest expense by ~$16 million annually."
Lazard Ltd. closed on Friday at $50.90.
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