Vector Group to redeem 10% notes with $65.5 million convertible issuance proceeds

By Caroline Salls

Pittsburgh, Nov. 17 - Vector Group Ltd. will redeem the 10% senior secured notes due March 31, 2006 issued by subsidiary VGR Holding Inc. with proceeds from its issuance of $65.5 million of 5% variable interest senior convertible notes due 2011, according to a company news release.

Proceeds from the issuance will also be used for general corporate purposes.

Vector Group is a Miami holding company that indirectly owns Liggett Group Inc., Vector Tobacco Inc. and a controlling interest in New Valley Corp.

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