Loews Plans Lorillard Tobacco Tracking Stock
Loews Corp. plans to offer shares of a tracking stock for its Lorillard tobacco unit, the company said in an SEC filing Friday.
New York-based Loews (LTR) has said it might create a new class of common stock to track the performance of the assets and liabilities of its tobacco subsidiary.
In the filing, Loews said it might sell as many as $250 million in stock in what would be called the Carolina Group. It did not reveal the size, the price or the offering’s timing.
Salomon Smith Barney and Morgan Stanley & Co. will underwrite the offering, Loews said.
The Lorillard Tobacco Co. unit makes and sells Newport, Kent, True and Maverick cigarettes.
Loews has applied to list the Carolina Group stock on the New York Stock Exchange but did not propose a ticker symbol. It plans to use the proceeds from the offering for general corporate purposes, according to the SEC filing.
Loews shares fell 22 cents to $53.92 Friday on the NYSE.
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