McDermott Represents Vector Group Ltd. in Sale of Senior Convertible Notes
NEW YORK (May 20, 2009) — McDermott Will & Emery LLP represented Vector Group Ltd. (NYSE: VGR) in connection with the sale of $50 million aggregate principal amount of its 6.75% percent Variable Interest Senior Convertible Notes due 2014 to Frost Nevada Investments Trust in a private placement.
The purchase price consisted of $38.225 million in cash and $11.005 million aggregate principal amount of the Company's 5.0% Variable Interest Senior Convertible Notes due 2011, valued at 107% of principal amount. The Company intends to use the net proceeds of the issuance for general corporate purposes.
The McDermott team in New York was led by partner Stephen E. Older and included partner Seth T. Goldsamt.
Vector Group is a holding company that indirectly owns Liggett Group LLC, 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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