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Vector Group sells senior convertible notes

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McDermott Will & Emery has represented Vector Group in the sale of USD50m of its 6.75 per cent variable interest senior convertible notes due 2014 to Frost Nevada Investments Trust

McDermott Will & Emery has represented Vector Group in the sale of USD50m of its 6.75 per cent variable interest senior convertible notes due 2014 to Frost Nevada Investments Trust in a private placement.

The purchase price consisted of USD38.225m in cash and USD11.005m aggregate principal amount of the company’s 5.0 per cent variable interest senior convertible notes due 2011, valued at 107 per cent 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 partners Seth T. Goldsamt, Vladimir R. Rossman, and associate Abigail Reed.

Vector Group is a holding company that indirectly owns Liggett Group, Vector Tobacco and New Valley.

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