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Vector Group Ltd. (NYSE: VGR) has appointed Richard J. Lampen as Chief Operating Officer (COO) and a member of the Board of Directors, effective immediately. With over 25 years of experience at Vector Group, Lampen brings valuable operational insights. He previously served as CEO of Ladenburg Thalmann Financial Services, which was sold for $1.3 billion, and led Castle Brands Inc. until its acquisition by Pernod Ricard. His leadership is expected to advance the company’s goals.
Vector Group Ltd. (NYSE: VGR) has priced an agreement to sell $875 million of 5.75% senior secured notes due 2029, increasing the amount by $25 million from earlier disclosures. The offering is set to close on January 28, 2021. The notes will bear 5.75% interest payable semi-annually starting August 1, 2021, secured by guarantees from wholly-owned domestic subsidiaries involved in the cigarette business. The proceeds will be used to redeem $850 million of outstanding 6.125% senior secured notes due 2025. This offering is exempt from SEC registration under Rule 144A.
Vector Group Ltd. (NYSE: VGR) has announced an offer to issue $850 million of senior secured notes due in 2029. These notes will be guaranteed by all wholly owned domestic subsidiaries engaged in the Company’s cigarette business, but not by its real estate subsidiary, New Valley LLC. The proceeds will be used to redeem the outstanding $850 million 6.125% senior secured notes due 2025, along with any accrued interest. The offering is exempt from SEC registration, which may limit its marketability.
Vector Group Ltd. (NYSE: VGR) announced a conditional notice of redemption for its outstanding 6.125% Senior Secured Notes due 2025, totaling $850 million. The redemption is set for February 1, 2021, contingent on a refinancing transaction of at least $850 million through debt securities. The redemption price is 101.531% of the principal plus accrued interest. The company has highlighted that this release does not constitute a redemption notice or offer to purchase securities. All information is as of December 31, 2020, with risks noted about the completion of the proposed offering.
Vector Group Ltd. (NYSE: VGR) announced a quarterly cash dividend of $0.20 per share, payable on December 30, 2020, to shareholders on record as of December 17, 2020. This dividend reflects the company's ongoing commitment to returning value to its investors. Vector Group operates through subsidiaries including Liggett Group LLC and Douglas Elliman Realty, showcasing a diverse business portfolio.
Vector Group Ltd. (NYSE:VGR) reported strong financial results for Q3 2020, with revenues increasing to $547.8 million from $504.8 million in Q3 2019. Operating income rose to $95.9 million, compared to $66.7 million in the prior year. Net income reached $38.1 million, or $0.25 per diluted share, up from $36.0 million, or $0.23 per diluted share. For the nine months ending September 30, 2020, revenues decreased slightly to $1.448 billion from $1.464 billion in 2019, with net income falling to $60.7 million from $90.3 million.
Vector Group Ltd. (NYSE: VGR) will hold a conference call and webcast to discuss its third quarter 2020 results on November 5, 2020, at 9:00 a.m. ET. Investors can join by dialing 877-271-1828 and using conference ID 60044226. The live webcast will also be accessible [here](https://www.webcaster4.com/Webcast/Page/2271/37910). A replay will be available from November 5 to November 19, 2020, by dialing 877-656-8905 with the same conference ID. More details about the company can be found on their website.