By Paul A. Harris
Portland, Ore., Nov. 13 – Vector Group Ltd. priced a $230 million add-on to its 10½% senior notes due Nov. 1, 2026 (Caa1/B-) at 98.501 to yield 10.81% on Wednesday, according to market sources.
The issuer price came in line with unofficial guidance, according to a trader.
Jefferies LLC was the bookrunner.
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.
| Issuer: | Vector Group Ltd.
|
| Amount: | $230 million
|
| Maturity: | Nov. 1, 2026
|
| Security description: | Add-on to 10½% senior notes due Nov. 1, 2026
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 10½%
|
| Price: | 98.501
|
| Yield to maturity: | 10.81%
|
| First call: | Make-whole call at Treasuries plus 50 bps until Nov. 1, 2021, then callable at 105.25
|
| Trade date: | Nov. 13
|
| Settlement date: | Nov. 18 with accrued interest
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
