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Vector to price $850 million eight-year secured notes on Tuesday; initial talk 5¾%-6%
By Paul A. Harris
Portland, Ore., Jan. 11 – Vector Group Ltd. plans to price a $850 million offering of eight-year senior secured notes (Ba3/BB-) on Tuesday, according to market sources.
The deal, which was scheduled to be shopped on a mid-Monday morning conference call with investors, is in the market with initial guidance of 5¾% to 6%, a trader said.
Jefferies LLC is the bookrunner.
The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.
The Miami-based diversified holding company, which is principally engaged in the manufacture and sale of cigarettes, plans to use the proceeds to help redeem the outstanding $850 million of its 6 1/8% senior secured notes due 2025.
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