Vector Group Ltd. Announces Proposed $85 Million Senior Convertible Debentures Offering.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- Vector Group A Vector group is the International Electrotechnical Commission (IEC) method of categorizing the primary and secondary winding configurations of three-phase transformers. Within a polyphase system power transformer it indicates the windings configurations and the difference in Ltd. (NYSE NYSE See: New York Stock Exchange : VGR VGR Vector Group Ltd. (stock symbol) VGR Voyager (Star Trek: Voyager) VGR Voice of God Recordings VGR Variable Geometry Rotor VGR Voice Gateway Router VGR Virtual Geographic Routing VGR Ventura Graphics ) announced today that it intends to offer $85 million of senior convertible debentures due 2026 (the "Debentures") in a private placement, subject to market and other conditions. The Debentures will be convertible into Vector common stock, at the option of the holder, at a price to be determined. The initial purchaser will have an option to purchase an additional amount of Debentures. The Company intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering to call the remaining $63.1 million principal amount of its 6.25% Convertible Subordinated Notes due July 15, 2008 and for general corporate purposes. This press release does not constitute an offer to sell or a solicitation of an offer to buy the Debentures. The Debentures and the common stock issuable upon conversion thereof have not been registered under the Securities Act of 1933, as amended, or any state securities laws. Unless so registered, the Debentures and the common stock issuable upon conversion of the Debentures may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended, and applicable state securities laws. This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 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. Vector Group is a holding company that indirectly owns Liggett Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Vector Tobacco Inc. and New Valley LLC. Additional information concerning the company is available on the company's website, www.VectorGroupLtd.com. |
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