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CIT to Prepay $500 Million of First Lien Term Loan
Thursday, July 14, 2011 05:00 PM

NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it has given notice that it will prepay $500 million of its $3 billion senior secured first lien term loan on July 15, 2011.

Including this prepayment, CIT will have eliminated more than $10.5 billion of first lien and second lien debt since the beginning of 2010, including $5 billion of first lien debt, $3.5 billion of Series A Notes, and its entire $2.1 billion of Series B Notes.

The voluntary prepayment will be made with available holding company cash and will not be subject to any call premium.

EDITOR’S NOTE:

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About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in finance and leasing assets. 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. www.cit.com

 

Contact:

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