By Paul A. Harris
Portland, Ore., April 8 - Vector Group Ltd. priced a $150 million tack-on to its 7¾% senior secured notes due Feb. 15, 2021 (Ba3/B+/) at 106.75 to yield 6.113% on Tuesday, an informed source said.
The reoffer price came on top of price talk.
Jefferies LLC was the bookrunner.
Proceeds will be used for general corporate purposes.
Vector is a Miami-based holding company that indirectly owns Liggett Group LLC and Vector Tobacco Inc. and directly owns New Valley LLC.
| Issuer: | Vector Group Ltd.
|
| Face amount: | $150 million
|
| Proceeds: | $160 million
|
| Maturity: | Feb. 15, 2021
|
| Security description: | Tack-on to 7¾% senior secured notes due Feb. 15, 2021
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 7¾%
|
| Price: | 106.75
|
| Yield to worst: | 6.113%
|
| Price talk: | 106.75
|
| First call: | Feb. 15, 2016 at 105.813
|
| Trade date: | April 8
|
| Settlement date: | April 15
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Marketing: | Quick to market
|
| Original issue: | $450 million issue priced at par in February 2013
|
| Total issue size: | $600 million
|
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