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CIT GROUP INC. (CIT)

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CIT Group Inc. : CIT Announces Pricing of $2 Billion of Senior Unsecured Notes

05/01/2012 | 09:00pm US/Eastern

CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced the pricing of a registered public offering of $1.25 billion aggregate principal amount of senior unsecured notes due 2017 (the "2017 Notes") and $750 million aggregate principal amount of senior unsecured notes due 2020 (the "2020 Notes," together with the 2017 Notes, the "Notes"). The 2017 Notes priced at par and will bear interest at a rate of 5.000%. The 2020 Notes priced at par and will bear interest at a rate of 5.375%. The Notes will be senior unsecured obligations of CIT, and will not be guaranteed by any of CIT's subsidiaries. CIT expects the offering to close on or about May 4, 2012, subject to customary closing conditions.

"This transaction highlights the broad investor interest in CIT's bonds and further reflects the continued transformation of our funding profile," said John A. Thain, Chairman and Chief Executive Officer.

CIT plans to use the net proceeds from the offering of the 2017 Notes for general corporate purposes and the refinancing of its outstanding 7% Series C Notes maturing in 2017. CIT plans to use the net proceeds from the offering of the 2020 Notes for general corporate purposes and the refinancing of its outstanding 7% Series C Notes maturing in 2016 and/or 2017.

CIT has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for the offering of the Notes. Before you invest, you should read the prospectus supplement and prospectus in that registration statement and other documents CIT has filed or will file with the SEC for more complete information about CIT and this offering. You may obtain these documents for free by visiting EDGAR on the SEC's Web site at sec.gov. Alternatively, copies of the final prospectus supplement and accompanying prospectus for the offering may be obtained by contacting: BofA Merrill Lynch Syndicate Operations, 4 World Financial Center, Mail Code: NY3-004-07-09, 250 Vesey Street, 7th Floor, New York, NY 10080-1305.

The Joint Book-Running Managers for the offering are BofA Merrill Lynch, Barclays, Credit Suisse, Morgan Stanley and UBS Investment Bank.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplements or the shelf registration statement or prospectus.

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 (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of online savings options designed to help customers achieve a range of financial goals. cit.com

Cautionary statement regarding forward-looking statements:

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements (including statements regarding future financial and operating results) involve risks, uncertainties and contingencies, many of which are beyond CIT's control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements contained in this document that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. Economic, business, funding market, competitive and/or regulatory factors, among others, affecting CIT's businesses are examples of factors that could cause actual results to differ materially from those described in the forward-looking statements. More detailed information about these factors are described in CIT's filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2011. CIT is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

The following factors, among others, could cause actual results to differ materially from those expressed or implied in forward-looking statements: capital markets liquidity; risks of and/or actual economic slowdown, downturn or recession; industry cycles and trends; uncertainties associated with risk management, including credit, prepayment, asset/liability, interest rate and currency risks; estimates and assumptions used to fair value the balance sheet in accordance with fresh start accounting and actual variation between the estimated fair values and the realized values; adequacy of reserves for credit losses; risks inherent in changes in market interest rates and quality spreads; funding opportunities, deposit taking capabilities and borrowing costs; risks that the restructuring of CIT's capital structure did not result in sufficient additional capital or improved liquidity; risks that CIT will be unable to comply with the terms of the Written Agreement with the Federal Reserve Bank of New York; conditions and/or changes in funding markets and our access to such markets, including secured and unsecured term debt and the asset-backed securitization markets; risks of implementing new processes, procedures, and systems; risks associated with the value and recoverability of leased equipment and lease residual values; application of fair value accounting in volatile markets; application of goodwill accounting in a recessionary economy; changes in laws or regulations governing our business and operations; changes in competitive factors; demographic trends; customer retention rates; future acquisitions and dispositions of businesses or asset portfolios; and regulatory changes and/or developments. CIT undertakes no duty to update any forward looking statement.

CIT Media Relations:
C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Curt.Ritter@cit.com
Matt Klein, 973-597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT Investor Relations:
Ken Brause, 212-771-9650
Executive Vice President
Ken.Brause@cit.com


© Business Wire 2012
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