Vector Group prices $85 million private offering of senior notes

Fri. August 28, 2009; Posted: 02:47 PM

Aug 28, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- VGR | Quote | Chart | News | PowerRating -- Vector Group, Ltd., a US-based manufacturer and marketer of cigarette products, has priced a private offering of $85 million aggregate principal amount of 11% senior secured notes due 2015 at 94% of the face value. The notes will be offered to qualified institutional buyers.

The offering has been upsized to $85 million from the previously announced offering, on the same day, of $60 million notes.

The offering is expected to close on September 1, 2009.

Deal Value (US$ Million) 85
Deal Type                Private Placement
Sub-Category             None
Deal Status              Announced: 2009-08-27

Deal Participants

Target (Company)   Vector Group, Ltd.
Acquirer (Company) Undisclosed Investors

Deal Rationale

Vector Group intends to use the net proceeds of the issuance for general corporate purposes.

For full details on Vector Group Ltd (VGR) click here. Vector Group Ltd (VGR) has Short Term PowerRatings of 6. Details on Vector Group Ltd (VGR) Short Term PowerRatings is available at This Link.

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