Vector Announces Notice of Conditional Redemption for Senior Notes
December 31 2020 - 8:00AM
Business Wire
Vector Group Ltd. (NYSE: VGR) (“Vector” or the “Company”)
announced today that it has delivered a conditional notice of
redemption (the “Notice”) to the trustee of the outstanding 6.125%
Senior Secured Notes due 2025 (the “Notes”) issued by the Company.
The Notice calls for the redemption of all of the outstanding $850
million aggregate principal amount of the Notes on February 1, 2021
(the “Redemption Date”) and is conditioned on closing of a
refinancing transaction in a principal amount of at least
$850,000,000 through one or more offerings of debt securities (the
“Condition”), which condition the Company may waive at its
discretion. The redemption price for the Notes is 101.531% of the
principal amount redeemed, plus interest accrued and unpaid to the
redemption date, in accordance with the provisions of the indenture
governing the Notes.
This press release does not constitute a notice of redemption of
the Notes. Information concerning the terms and conditions of the
redemption are described in the Notice distributed to holders of
the Notes by U.S. Bank, the trustee with respect to the Notes.
Beneficial holders with any questions about the redemption should
contact their respective brokerage firm or financial
institution.
This press release does not constitute an offer to sell or a
solicitation of an offer to purchase the Notes or any other
security, and there will not be any offer, solicitation or sale of
the Notes or any other security in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. The Company has tried, whenever possible, to identify
these forward-looking statements using words such as “anticipates”,
“believes”, “estimates”, “expects”, “plans”, “intends”, “could” and
similar expressions. These statements reflect the Company’s current
beliefs and are based upon information currently available to it.
Accordingly, such forward-looking statements involve known and
unknown risks, uncertainties and other factors which could cause
the Company’s actual results, performance or achievements to differ
materially from those expressed in, or implied by, such
statements.
All information set forth in this press release is as of
December 31, 2020. Vector does not intend, and undertakes no duty,
to update this information to reflect future events or
circumstances. Risk factors and uncertainties that may cause actual
results to differ materially from expected results include, among
others, our ability to successfully complete the proposed notes
offering.
Vector Group is a holding company that indirectly owns Liggett
Group LLC and Vector Tobacco Inc. and directly owns New Valley LLC,
which owns a controlling interest in Douglas Elliman Realty,
LLC.
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version on businesswire.com: https://www.businesswire.com/news/home/20201231005110/en/
Emily Claffey/Benjamin Spicehandler/Columbia Clancy Sard
Verbinnen & Co. 212-687-8080
Vector (NYSE:VGR)
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