Vector talks $375 million eight-year secured notes to yield 7¾%-8%; books close 2 p.m. ET Monday

By Paul A. Harris

Portland, Ore., Feb. 4 - Vector Group Ltd. talked its $375 million offering of eight-year senior secured notes (Ba3/B+) to yield 7¾% to 8%, an informed source said on Monday.

The books close at 2 p.m. ET Monday, and the deal is set to price shortly thereafter.

Jefferies & Co. is the bookrunner.

The Rule 144A and Regulation S with registration rights notes become callable in three years at par plus 75% of the coupon.

Proceeds will be used to refinance the company's 11% senior secured notes due 2015.

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

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