Vector to retire 7.5%, 5.5% variable rate notes via new issue

By Susanna Moon

Chicago, Oct. 24 – Vector Group Ltd. plans to retire its 7.5% variable interest senior convertible notes due 2019 and its 5.5% variable interest senior convertible notes due 2020 using proceeds of new notes.

The company began a roadshow on Wednesday in New York for a $325 million offering of eight-year senior notes, as reported by Prospect News.

The Miami, Fla.-based holding company plans to use the proceeds to repay its convertible notes due 2019 and for general corporate purposes.

Vector Group is a Miami, Fla.-based holding company engaged in the manufacture and sale of cigarettes in the United States through subsidiaries Liggett Group LLC and Vector Tobacco, as well as real estate operations conducted through New Valley LLC.

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