Vector Group Ltd · 8-K · For 6/29/01 · EX-99.1

Filed On 6/29/01 10:48am ET   ·   SEC File 1-05759   ·   Accession Number 950144-1-504076

Current Report   ·   Form 8-K
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Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Vector Group Ltd.                                      3     10K 
 2: EX-99.1     Press Release Issued 6/28/2001                         2±    11K 

EX-99.1   ·   Press Release Issued 6/28/2001

EX-99.1
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                                                                    EXHIBIT 99.1

VECTOR GROUP LTD. TO SELL $150 MILLION
CONVERTIBLE SUBORDINATED NOTES

MIAMI, FL, JUNE 29, 2001 -- Vector Group Ltd. (NYSE: VGR) announced today the   
pricing of $150 million of 6.25% Convertible Subordinated Notes due 2008 (the   
"Notes") through a private offering to qualified institutional investors. The   
initial purchaser also has an option to purchase an additional $22.5 million of 
Notes to cover over-allotments.                                                 

The Notes will accrue interest at 6.25% per annum and will be convertible into  
Vector common stock, at the option of the holder, at an initial conversion price
of approximately $36.53 per share.                                              

Vector intends to use the net proceeds of the issuance to fund the planned      
advertising and promotion of Vector Tobacco's new OMNI and OMNI Nicotine Free   
cigarette products and for other general corporate purposes (including possible 
acquisitions). The closing of the offering is subject to customary closing      
conditions.                                                                     

This press release does not constitute an offer to sell or a solicitation of an 
offer to buy the Notes. Any offer of the Notes will be made by means of a       
private offering circular.                                                      

The Notes and the common stock issuable upon conversion thereof have not been   
registered under the Securities Act of 1933, as amended, or any state securities
laws. Unless so registered, the Notes and the common stock issuable upon        
conversion of the Notes may not be offered or sold in the United States except  
pursuant to an exemption from the registration requirements of the Securities   
Act of 1933, as amended, and applicable state securities laws.                  

This press release contains certain forward-looking statements within the       
meaning of the Private Securities Litigation Reform Act of 1995. The Company has
tried, whenever possible, to identify these forward-looking statements using    
words such as "anticipates", "believes", "estimates", "expects", "plans",       
"intends" and similar expressions. These statements reflect the Company's       
current beliefs and are based upon information currently available to it.       
Accordingly, such forward-looking statements involve known and unknown risks,   
uncertainties and other factors which could cause the Company's actual results, 
performance or achievements to differ materially from those expressed in, or    
implied by, such statements. These risks, uncertainties and contingencies       
include, without limitation, the challenges inherent in new product development 
initiatives, the Company's ability to raise the capital necessary to grow its   
business, potential disputes concerning the Company's intellectual property,    
potential delays in obtaining any necessary government approvals of the         
Company's proposed virtually nicotine-free tobacco products, potential delays in
obtaining the tobacco needed to produce the Company's proposed new products,    
market acceptance of the Company's proposed new products, competition from      
companies with greater resources than the Company and the Company's dependence  
on key employees. See additional discussion under "Risk Factors" in Item 1 of   
the Company's Annual Report on Form 10-K for the year ended December 31, 2000,  
and other factors detailed from time to time in the Company's other filings with
the Securities and Exchange Commission. The Company undertakes no obligation to 
update or advise upon any such forward-looking statements to reflect events or  
circumstances after the date of this press release or to reflect the occurrence 
of unanticipated events.                                                        

Dates Referenced Herein   and   Documents Incorporated By Reference

This 8-K Filing		Date		Other Filings
		12/31/00		10-K405
Filed On / Filed As Of / For The Period Ended		6/29/01		424B3
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