MIAMI (AFX) - Tobacco holding company Vector Group Ltd. said Tuesday it plans to offer $85 million in senior convertible debentures due 2026, through a private placement.
The debentures may be converted into Vector common stock, at the holder's option, and at a price to be determined.
Proceeds from the offering are expected to be used to call $63.1 million in principal on its 6.25 percent convertible subordinated notes due July 15, 2008, and for general business purposes.
Shares of Vector Group were trading at $15.68 in the extended session, down 58 cents, or 3.57 percent, from Tuesday's closing price of $16.26 on the New York Stock Exchange.
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