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4-Traders Homepage  >  Equities  >  Nyse  >  CIT Group Inc.    CIT

CIT GROUP INC. (CIT)
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CIT Group Inc. : CIT to Reduce High Cost Debt by an Additional $2 Billion

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05/07/2012 | 02:35pm CET

High Cost Debt Eliminated or Refinanced Since January 2010 Will Total $26 Billion

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 $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.

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

CIT MEDIA RELATIONS:
C. Curtis Ritter
Director of Corporate Communications
973-740-5390
[email protected]
or
Matt Klein
Vice President, Media Relations
973-597-2020
[email protected]
or
CIT INVESTOR RELATIONS:
Ken Brause
Executive Vice President
212-771-9650
[email protected]


© Business Wire 2012
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Financials ($)
Sales 2018 1 883 M
EBIT 2018 712 M
Net income 2018 482 M
Debt 2018 -
Yield 2018 1,31%
P/E ratio 2018 13,06
P/E ratio 2019 10,72
Capi. / Sales 2018 3,76x
Capi. / Sales 2019 3,68x
Capitalization 7 076 M
Chart CIT GROUP INC.
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CIT Group Inc. Technical Analysis Chart | CIT | US1255818015 | 4-Traders
Technical analysis trends CIT GROUP INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 56,5 $
Spread / Average Target 4,8%
EPS Revisions
Managers
NameTitle
Ellen Rose Alemany Chairman & Chief Executive Officer
Denise M. Menelly Executive VP, Head-Technology & Operations
John J. Fawcett Chief Financial Officer & Executive Vice President
Marianne Miller Parrs Independent Director
William M. Freeman Independent Director
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