By Devika Patel
Knoxville, Tenn., May 11 - Vector Group Ltd. sold $1.35 million of 6.75% variable interest senior convertible notes due 2014 on May 11, according to an 8-K filed Monday with the Securities and Exchange Commission.
The purchase price consisted of $38.23 million in cash and $11.01 million of the company's 5% variable interest senior convertible notes due 2011, valued at 107%.
Frost Nevada Investments Trust is the investor.
The notes are convertible into common shares at a conversion price of $15.04 per share, which equals a conversion rate of 66.489 shares per $1,000 in notes, which is subject to adjustment.
Miami-based Vector Group is a holding company that indirectly owns Liggett Group LLC, Vector Tobacco Inc. and New Valley LLC.
| Issuer: | Vector Group Ltd.
|
| Issue: | Variable interest senior convertible notes
|
| Amount: | $50 million
|
| Maturity: | Nov. 15, 2014
|
| Coupon: | 6.75%
|
| Price: | Par
|
| Yield: | 6.75%
|
| Conversion price: | $15.04
|
| Conversion rate: | 66.489
|
| Warrants: | No
|
| Investor: | Frost Nevada Investments Trust
|
| Settlement date: | May 11
|
| Stock symbol: | NYSE: VGR
|
| Stock price: | $14.14 at close May 11
|
| Market capitalization: | $933 million
|
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