Vector Group Ltd. (NYSE:VGR) (the "Company") today announced that it has
extended the expiration of its exchange offer from 5:00 p.m., New York
City Time, on August 7, 2014 to 5:00 p.m., New York City Time, on August
14, 2014. Pursuant to the exchange offer, the Company has offered to
exchange $150,000,000 in aggregate principal amount of its 7.750% Senior
Secured Notes due 2021 (the "Original Notes"), which were issued as
additional notes in April 2014 in a private placement 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 (the "New Notes") which have been
registered under the Securities Act. The New Notes will have
substantially the same terms as the Original Notes, except that the New
Notes will be registered under the Securities Act.
As of 5:00 p.m., New York City time, on August 7, 2014, $149,900,000 in
aggregate principal amount of the Original Notes (or approximately 99.9%
of the Original Notes) had been tendered pursuant to the exchange offer.
The exchange offer has been extended in order to allow additional time
for the holders of the remaining $100,000 aggregate principal amount of
the Original Notes to participate in the exchange offer.
Except for the extension of the expiration date of the exchange offer
for the Original Notes, all other terms, conditions and provisions of
the exchange offer remain effective as of the date hereof.
The terms of the exchange offer and other information relating to Vector
Group Ltd. are set forth in the prospectus dated July 9, 2014. Copies of
the prospectus and the related letter of transmittal may be obtained
from U.S. Bank National Association ("U.S. Bank"), which is serving as
the exchange agent in connection with the exchange offer. Questions
concerning the delivery of appropriate documentation for the exchange
offer should be directed to the U.S. Bank. U.S. Bank's address,
telephone number and facsimile number are as follows:
U.S. Bank National Association
60 Livingston Avenue
Paul, MN 55107-2292
Attention: Specialized Finance Department
Facsimile: (651) 466-7372
The Original Notes have not been registered under the Securities Act of
1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
This press release shall not constitute an offer to exchange or a
solicitation of an offer to exchange the Original Notes. The exchange
offer is made only by the prospectus dated July 9, 2014.
Vector Group Ltd. is a holding company that indirectly owns Liggett
Group LLC, Vector Tobacco Inc., and Zoom E-Cigs LLC and directly owns
New Valley LLC, which owns a controlling interest in Douglas Elliman
Sard Verbinnen & Co
Paul Caminiti / Emily Deissler
Source: Vector Group Ltd.
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