JAPAY - Interactive Brokers - Vector Group Eyes US$325m Note Sale As Rising Leverage And Higher Prices Stunt Growth
Florida-based cigarette maker Vector Group (NYSE:VGR) is set to sell US$325m worth of senior unsecured notes to refinance existing bonds, as the company continues to struggle with a hefty debt burden.
Vector Group, parent of tobacco company Liggett, as well as New Valley, which owns a majority stake in Douglas Elliman Realty, plans to enter the primary market with a Rule 144A private placement, Reg S sale - an offering solely intended for qualified institutional buyers and persons outside the U.S.
The company said it intends to use the net cash proceeds from the offering