Brooke Group subsidiary, BGLS Inc., completes exchange offer for outstanding debt.MIAMI--(BUSINESS WIRE)--Jan. 31, 1996--Brooke Group Ltd. (NYSE NYSE See: New York Stock Exchange : BGL BGL The pre-July 1999 ISO 4217 currency code for Bulgarian Lev. ) announced today that its subsidiary, BGLS BGLS Bisexual and Gay and Lesbian Students Inc., has successfully completed its previously announced Exchange Offer. BGLS had offered to exchange up to $231,869,000 principal amount of its new 15.75% Senior Secured Notes due 2001 for its outstanding 13.75% Series 2 Senior Secured Notes due 1997, 16.125% Senior Subordinated Reset Notes due 1997 and 14.500% Subordinated Debentures due 1998. A total of $224,649,427 of the new 15.75% Senior Secured Notes were issued by BGLS. All of the Series 2 Senior Secured Notes and over 98% of the Subordinated Debentures were tendered or canceled in exchange for $99,154,427 of 15.75% Series A Senior Secured Notes and $125,495,000 of 15.75% Series B Senior Secured Notes, respectively. On January 30, 1996 BGLS issued a notice of redemption of the $5,670,000 outstanding principal amount of Senior Subordinated Reset Notes because the principal amounts of such notes tendered in the Exchange Offer did not satisfy the previously established minimum for participation in the Exchange Offer. The redemption will occur on March 29, 1996 at a redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of 102.02% of the outstanding principal amount. Brooke Group is a holding company which controls Liggett Group Liggett Tobacco, formerly known as Liggett & Myers Tobacco Company is the 4th largest tobacco company in the United States. Its headquarters are located in Durham, North Carolina. Its CEO is Bennett S. LeBow. Inc., tobacco and real estate operations in the former Soviet Union and has a substantial equity interest in New Valley Corporation. CONTACT: Sard Verbinnen & Co., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of George Sard/Anna Cordasco/Paul Caminiti 212/687-8080 |
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