CIT to Reduce High Cost Debt by an Additional $1.6 Billion
March 15 2012 - 5:30PM
Business Wire
CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of
financing to small businesses and middle market companies, today
announced that it will redeem the entire balance of its 7% Series C
Senior Unsecured Notes (“7% Notes”) maturing in 2015 totaling
approximately $1.6 billion. Following this redemption,
approximately $3.1 billion principal amount of the 7% Notes
maturing in 2016 and approximately $4.1 billion principal amount of
the 7% Notes maturing in 2017 will remain outstanding.
“We will continue to focus on refinancing our remaining
high-cost debt and advancing the transformation of our funding
profile,” said John A. Thain, Chairman and Chief Executive
Officer.
Including the redemption announced today, CIT will have
eliminated or refinanced approximately $23.5 billion of high cost
debt since the beginning of 2010. The Company has provided a
redemption notice for the 7% Notes to the trustee and intends to
complete the redemption on April 16, 2012. As provided under the
terms of the 7% Notes, the Company will redeem the outstanding
principal balance at par.
Additional information will be available in a Form 8-K that will
be filed with the Securities and Exchange Commission. This, and
other filings, can be found at cit.com/investor.
Individuals interested in receiving corporate news releases can
register at cit.com/newsalerts or subscribe to the RSS feed at
cit.com/rssfeed.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with
more than $34 billion in finance and leasing assets. A member of
the Fortune 500, it provides financing and leasing capital to its
more than one million small business and middle market clients and
their customers across more than 30 industries. CIT maintains
leadership positions in small business and middle market lending,
factoring, retail finance, aerospace, equipment and rail leasing,
and global vendor finance. CIT also operates CIT Bank,
BankOnCIT.com, its primary bank subsidiary and an FDIC-insured
online bank which offers a suite of savings options designed to
help customers achieve a range of financial goals. cit.com
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