Vector greenshoe exercised, raising convertible add-on to $30 million

By Caroline Salls

Pittsburgh, April 4 - Vector Group Ltd. said the underwriters of its recent offering of an add-on to its 5% variable-interest senior convertible notes due 2011 exercised the $5 million over-allotment option in full, raising the size of the add-on to $30 million.

The Miami-based tobacco company originally priced $25 million of the securities after the close on March 30 at a price of 107 with a minimum coupon of 6.75% through November 2006.

Jefferies & Co. was the bookrunner for the Rule 144A deal.

Proceeds will be used for general corporate purposes, including the repayment of borrowings under its revolving credit facility.

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