Vector calls $43.2 million 3.875% convertibles; notes may be converted

By Susanna Moon

Chicago, Oct. 29 - Vector Group Ltd. said it called its $43.2 million of outstanding 3.875% variable interest senior convertible debentures due 2026.

The company will redeem the convertibles at par plus accrued interest to but excluding the redemption date of Nov. 29, according to a press release.

The notes may be converted into Vector shares by the close of business on Nov. 28 at a conversion price of about $14.55 per share, or about 68.718858 shares per $1,000 principal amount.

The company's stock (NYSE: VGR) closed at $16.67 on Oct. 28.

Vector said it plans to use cash on hand to fund the redemption of any notes not converted into stock by the redemption date.

Vector is a Miami-based holding company that indirectly owns Liggett Group LLC and Vector Tobacco Inc. and directly owns New Valley LLC.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.