This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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owned by Vector, any guarantor of the Notes or any of their respective affiliates), had been validly tendered and not withdrawn in the tender offer on or prior to 11:59 p.m., New York City time, on February 11, 2013 (the “Consent Expiration Time”).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 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,156.85 +24.88 0.15%
S&P 500 2,001.57 +2.59 0.13%
NASDAQ 4,562.1890 +9.43 0.21%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs