CIT Announces Pricing Of $3 Billion Of Senior Unsecured Notes

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 $1.75 billion aggregate principal amount of senior unsecured notes due 2017 (the “2017 Notes”) and $1.25 billion aggregate principal amount of senior unsecured notes due 2022 (the “2022 Notes,” together with the 2017 Notes, the “Notes”). The 2017 Notes priced at par and will bear interest at a rate of 4.25%. The 2022 Notes priced at par and will bear interest at a rate of 5.00%. 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 August 3, 2012, subject to customary closing conditions.

“This is our fourth bond offering this year, which highlights our efforts to further transform our funding profile and reflects the increased investor interest in CIT,” said John A. Thain, Chairman and Chief Executive Officer.

CIT plans to use the net proceeds from the offering of the Notes for general corporate purposes and the refinancing of its outstanding 7% Series C Notes due 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, Mail Code: NY3-222-07-01, 222 Broadway, 7 ^th Floor, New York, NY 10038.

The Joint Book-Running Managers for the offering are BofA Merrill Lynch, Deutsche Bank Securities, Goldman, Sachs & Co. and J.P. Morgan.

1 2 3 Next › Last »