Vector to sell $230 million tap of 10½% notes due 2026 on Wednesday

By Paul A. Harris

Portland, Ore., Nov. 12 – Vector Group Ltd. plans to price a $230 million add-on to its 10½% senior notes due Nov. 1, 2026 on Wednesday, according to an informed source.

Jefferies LLC is the bookrunner.

The Rule 144A and Regulation S for life notes feature a make-whole call at Treasuries plus 50 bps until Nov. 1, 2021, then become callable at 105.25.

Vector Group is a Miami-based holding company engaged in the manufacture and sale of cigarettes in the United States through subsidiaries Liggett Group LLC and Vector Tobacco, as well as real estate operations conducted through New Valley LLC.

The Miami, Fla.-based holding company, which is engaged in the manufacture and sale of cigarettes, plans to use the proceeds to pay down its convertible notes and for general corporate purposes.

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