Vector talks $200 million tap of 7¾% secured notes due 2021 at 103.5; pricing Tuesday

By Paul A. Harris

Portland, Ore., May 3 – Vector Group Ltd. talked a $200 million add-on to its 7¾% senior secured notes Feb. 15, 2021 at 103.5, an informed source said on Tuesday.

Books close at 2 p.m. ET on Tuesday, and the Rule 144A and Regulation S with registration rights offering is set to price shortly thereafter.

Official talk comes at the rich end of the 103 to 103.5 early guidance, a trader said.

Jefferies LLC is the bookrunner.

The notes become callable at 105.813 on Feb. 15, 2016.

The Miami-based tobacco holding company plans to use the proceeds for general corporate purposes, including additional investments in real estate through the its wholly owned subsidiary New Valley LLC and in its existing tobacco business.

The original $450 million issue priced at par in February 2013. A previous $150 million add-on priced at 106.75 to yield 6.113% in April 2014.

Upon registration the add-on notes will become fungible with the outstanding notes.

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