CIT Group Inc. : CIT to Reduce High Cost Debt by an Additional $2 Billion
05/07/2012| 08:35am US/Eastern
High Cost Debt Eliminated or Refinanced Since January 2010 Will Total
Group Inc. (NYSE: CIT) cit.com,
a leading provider of financing to small businesses and middle market
companies, today announced that it will redeem $2 billion of its 7%
Series C Senior Unsecured Notes (7% Notes) maturing in 2017. Following
this redemption, approximately $3.1 billion principal amount of the 7%
Notes maturing in 2016 and approximately $1.6 billion principal amount
of the 7% Notes maturing in 2017 will remain outstanding.
"We remain committed to reducing our high cost debt and lowering our
funding costs as we continue to meet the financing needs of our small
business and middle market clients," said John
A. Thain, Chairman and Chief Executive Officer.
Including the redemption announced today, CIT will have eliminated or
refinanced approximately $26 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 June
4, 2012. As provided under the terms of the 7% Notes, the Company will
redeem the outstanding principal balance at par and will be redeemed on
a pro-rata basis among all of the 2017 Notes.
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.
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,
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
C. Curtis Ritter
Vice President, Media Relations
Executive Vice President
© Business Wire 2012