Vector Group calls 6¼% convertible subordinated notes

By Laura Lutz

Des Moines, July 14 - Vector Group Ltd. has issued a notice of redemption for its 6¼% convertible subordinated notes due 2008.

The notes will be redeemed for 101.042% of the principal amount, plus accrued interest, on Aug. 14.

Holders of the notes have the option of converting them anytime before close of business Aug. 11. The conversion price is $20.92 per share, or 47.801 shares per $1,000 principal amount of notes.

On Friday, the stock (NYSE: VGR) closed at $15.92.

The outstanding principal on the notes is $62.5 million.

Vector is a Miami-based tobacco holding company.

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