Key Developments: Vector Group Ltd (VGR)
16.23USD
17 May 2013
$0.04 (+0.25%)
$16.19
$16.28
$16.29
$16.15
201,772
407,603
$17.00
$14.25
Latest Key Developments (Source: Significant Developments)
Vector Group Ltd Commences Exchange Offer For 7.750% Senior Secured Notes
Vector Group Ltd announced that it has commenced an offer to exchange up to $450 million in aggregate principal amount of its 7.750% Senior Secured Notes due 2021 (the Original Notes), which were privately placed in February 2013 pursuant to exemptions from registration under the Securities Act of 1933, as amended (the Securities Act), for an equal amount of newly issued 7.750% Senior Secured Notes due 2021 that have been registered under the Securities Act (the Exchange Notes). The Exchange Notes will have substantially the same terms as the Original Notes, except for the elimination of certain transfer restrictions. The Exchange Notes will be issued only upon cancellation of a like amount of currently outstanding Original Notes. Vector will not receive any proceeds from the exchange offer. Pursuant to the terms of the exchange offer, Vector will accept for exchange any and all Original Notes validly tendered and not withdrawn on May 28, 2013 (the Expiration Date), unless extended. Tenders of Original Notes may be withdrawn at any time on the Expiration Date. Full Article
Vector Group Ltd Declares Quarterly Cash Dividend
Vector Group Ltd announced that it has declared a regular quarterly cash dividend on its common stock of $0.40 per share. The dividend is payable on March 28, 2013 to holders of record as of March 15, 2013. Full Article
Vector Group Ltd Announces Pricing Of $450 Million Of 7.750% Senior Secured Notes Due 2021
Vector Group Ltd announced that it has priced $450.0 million aggregate principal amount of 7.750% senior secured notes due 2021 (the Notes). The Notes will bear interest at a rate of 7.750% per year, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2013. The Notes will mature on February 15, 2021, unless earlier repurchased or redeemed in accordance with their terms. The Notes will be fully and unconditionally guaranteed by all of the wholly owned domestic subsidiaries of the Company that are engaged in the conduct of the Company`s cigarette business. The guarantees provided by some of the subsidiary guarantors will be secured by first priority or second priority security interests in certain assets of such guarantors. The offering is expected to close on February 12, 2013. The Company intends to use the net cash proceeds from this offering to pay the consideration for a cash tender offer for the Company`s 11% senior secured notes due 2015 (the Existing 11% Notes), the redemption price for any Existing 11% Notes that are not tendered in the cash tender offer, plus accrued and unpaid interest, and any fees and expenses in connection with the cash tender offer and any redemption of the Existing 11% Notes. After such payments, the Company intends to use any remaining net cash proceeds for general corporate purposes. Full Article
Vector Group Ltd Declares Quarterly Cash Dividend
Vector Group Ltd announced that it has declared a regular quarterly cash dividend on its common stock of $0.40 per share. The dividend is payable on December 20, 2012 to holders of record as of December 10, 2012. Full Article
Vector Group Ltd Closes Offering of $230 Million of Variable Interest Convertible Senior Notes
Vector Group Ltd announced that the closing of its previously announced registered public offering of $230.0 million aggregate principal amount of its Variable Interest Convertible Senior Notes due 2019 (the "Notes"), which includes the underwriter`s full exercise of its over-allotment option (the "Notes Offering"). The Notes will bear cash interest at a rate of 2.50% per year, plus an additional amount of interest based on the amount of cash dividends per share actually paid by the Company on its common stock, provided that the interest payable on the Notes shall not be less than 7.50% per year. The Company intends to use the net proceeds received from the Notes Offering for general corporate purposes, including in its existing tobacco business and in additional investments in real estate through its wholly owned subsidiary, New Valley LLC. The Company may also consider using a portion of the proceeds of the Notes Offering to address upcoming debt maturities. The Company will not receive any proceeds from the offering of the Borrowed Shares, but the Company will receive a nominal loan fee from the Share Borrower for the use of the Borrowed Shares, which the Company intends to use for general corporate purposes. Full Article
Vector Group Ltd Prices Offering Of Variable Interest Convertible Senior Notes
Vector Group Ltd announced the pricing of its previously announced public offering of $200.0 million aggregate principal amount (or up to an aggregate of $230.0 million aggregate principal amount if the underwriter of such offering exercises its over-allotment option in full) of its Variable Interest Convertible Senior Notes due 2019 in a registered public offering. The Company expects to close the Notes Offering on November 20, 2012, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds received from the Notes Offering for general corporate purposes, including in its existing tobacco business and in additional investments in real estate through its wholly owned subsidiary, New Valley LLC. The Company may also consider using a portion of the proceeds of the Notes Offering to address upcoming debt maturities. Full Article
Vector Group Ltd Declares Quarterly Cash Dividend
Vector Group Ltd announced that it has declared a regular quarterly cash dividend on its common stock of $0.40 per share. Additionally, the Company declared its regular annual stock dividend of 5%. Both the quarterly cash and the annual stock dividends are payable on September 28, 2012 to holders of record as of September 21, 2012. Full Article
Vector Group Ltd Declares Quarterly Cash Dividend
Vector Group Ltd announced that it has declared a regular quarterly cash dividend on its common stock of $0.40 per share. The dividend is payable on June 28, 2012 to holders of record as of June 20, 2012. Full Article
Vector Group Ltd Declares Quarterly Cash Dividend
Vector Group Ltd announced that it has declared a regular quarterly cash dividend on its common stock of $0.40 per share. The dividend is payable on March 29, 2012 to holders of record as of March 16, 2012. Full Article
Vector Group Ltd Declares Quarterly Cash Dividend
Vector Group Ltd announced that, it has declared a regular quarterly cash dividend on its common stock of $0.40 per share. The dividend is payable on December 29, 2011 to holders of record as of December 15, 2011. Full Article
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