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Vector Completes Sale Of Senior Secured Notes

Stocks in this article: VGR

Vector Group Ltd. (NYSE: VGR) (“Vector” or the “Company”) today announced the closing of its previously announced private offering of $450.0 million aggregate principal amount of 7.750% senior secured notes due 2021 (the “Notes”). The Notes bear interest at a rate of 7.750% per year, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2013. The Notes will mature on February 15, 2021, unless earlier repurchased or redeemed in accordance with their terms. The Notes are fully and unconditionally guaranteed by all of the wholly owned domestic subsidiaries of the Company that are engaged in the conduct of the Company’s cigarette business. The guarantees provided by some of the subsidiary guarantors are secured by first or second priority security interests in certain assets of such guarantors. The Notes were offered in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements or in a transaction that is not subject to the registration requirements of the Securities Act or any state securities laws.

The Company used the net cash proceeds from the Notes offering to pay a portion of (i) the consideration for a cash tender offer for the Company’s 11% senior secured notes due 2015 (the “Existing Notes”), (ii) the redemption amount for Existing Notes that were not tendered in the cash tender offer, including accrued and unpaid interest, and (iii) fees and expenses in connection with the cash tender offer and redemption of the Existing Notes.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes, the Existing Notes or any other security, nor will there be any offer, solicitation or sale of the Notes, the Existing Notes or any other security in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

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