Vector Announces Preliminary Results And Early Settlement Of Tender Offer For Outstanding 11% Senior Secured Notes Due 2015 And Notice Of Redemption Of All Remaining Outstanding 11% Senior Secured Notes Due 2015

Vector Group Ltd. (NYSE: VGR) (“Vector” or the “Company”) today announced the preliminary results of its previously announced cash tender offer and consent solicitation with respect to all of its outstanding 11% Senior Secured Notes due 2015 (the “Notes”). According to information provided by i-Deal LLC (“i-Deal”), the information agent and tender agent for the tender offer, $336,315,000, or approximately 81.0% of the outstanding principal amount of the Notes (excluding any Notes owned by Vector, any guarantor of the Notes or any of their respective affiliates), had been validly tendered and not withdrawn in the tender offer on or prior to 11:59 p.m., New York City time, on February 11, 2013 (the “Consent Expiration Time”). The Company also received the requisite consents for the proposed amendments (the “Proposed Amendments”) to the indenture governing the Notes (the “Indenture”) to eliminate substantially all of the restrictive covenants and certain events of default and other related provisions contained in the Indenture on or prior to the Consent Expiration Time. The remaining conditions upon which the consummation of the tender offer and consent solicitation are subject have also been satisfied. As a result, on February 12, 2013, payment of the tender offer consideration and consent payment to holders who validly tendered and did not revoke Notes prior to the Consent Expiration Time was made and the supplement to the Indenture implementing the Proposed Amendments became operative.

The Company also issued a notice of redemption today for the $78,685,000 principal amount of Notes not tendered on or prior to the Consent Expiration Time at a redemption price of 103.667% and irrevocably deposited with the trustee for the Notes an amount sufficient to redeem such Notes, thereby discharging its obligations under the Notes and the Indenture in accordance with the satisfaction and discharge provisions of the Indenture. The redemption of such Notes will occur on March 14, 2013.

1 2 3 Next › Last »