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CIT to Reduce High Cost Debt by an Additional $500 Million
Monday, April 2, 2012 08:35 AM
We will continue to eliminate or refinance our remaining high-cost debt as we work to further improve our funding profile

NEW YORK--(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 $500 million of its 7% Series C Senior Unsecured Notes (Notes) maturing in 2017. Following this redemption, approximately $3.6 billion principal amount of the Notes maturing in 2017 and approximately $3.1 billion principal amount of the Notes maturing in 2016 will remain outstanding.

“We will continue to eliminate or refinance our remaining high-cost debt as we work to further improve our funding profile," said John A. Thain, Chairman and Chief Executive Officer.

Including the redemption announced today, as well as the approximately $1.6 billion redemption of 7% Series C Senior Unsecured Notes maturing in 2015 the Company announced on March 15, 2012, CIT will have eliminated or refinanced approximately $24 billion of high cost debt since the beginning of 2010.

The Company has provided a redemption notice for the Notes to the trustee and intends to complete the redemption announced today on May 2, 2012. As provided under the terms of the 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.

EDITOR’S NOTE:

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About CIT      

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing 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 lendingfactoringretail financeaerospaceequipment 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

 

Contact:

CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Curt.Ritter@cit.com
or
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