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8-K - FORM 8-K - VECTOR GROUP LTD | g25430e8vk.htm |
Exhibit 99.1
VECTOR GROUP LTD. ANNOUNCES PRICING OF
$90 MILLION AGGREGATE PRINCIPAL AMOUNT OF
11% SENIOR SECURED NOTES OFFERING
$90 MILLION AGGREGATE PRINCIPAL AMOUNT OF
11% SENIOR SECURED NOTES OFFERING
MIAMI, FL, November 30, 2010 Vector Group Ltd. (NYSE: VGR) (the Company) announced today
that its previously announced offering of $75 million aggregate principal amount of 11% Senior
Secured Notes due 2015 (the Notes) was upsized to $90 million aggregate principal amount of Notes
and priced today at 103% of the face value. The Notes will be fully and unconditionally guaranteed
on a joint and several basis by all of the wholly owned domestic subsidiaries of the Company that
are engaged in the conduct of the Companys cigarette businesses. The offering is expected to
close on December 3, 2010 subject to customary conditions.
The Company intends to use the net proceeds of the issuance for general corporate purposes.
This press release does not constitute an offer to sell or a solicitation of an offer to buy
the Notes. The Notes have not been registered under the Securities Act, or the securities laws of
any other jurisdiction. Unless so registered, the Notes may not be offered or sold in the United
States except pursuant to an exemption from the registration requirements of the Securities Act and
the applicable securities laws of any other jurisdiction.
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 and similar expressions. These statements reflect the
Companys 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 Companys actual results, performance or achievements to differ materially
from those expressed in, or implied by, such statements.
Vector Group is a holding company that indirectly owns Liggett Group LLC and Vector Tobacco
Inc. and directly owns New Valley LLC.
# # #
Contact:
Paul Caminiti/Carrie Bloom/Jonathan Doorley
Sard Verbinnen & Co
212/687-8080
Paul Caminiti/Carrie Bloom/Jonathan Doorley
Sard Verbinnen & Co
212/687-8080