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CIT Announces Pricing of $1B of Senior Unsecured Notes

February 13, 2014, 07:02 AM
Filed Under: Industry News

CIT Group Inc. announced the pricing of a public offering of $1 billion aggregate principal amount of senior unsecured notes due 2019 (the “Notes”). The Notes priced at par and will bear interest at a per annum rate of 3.875%. 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 February 19, 2014, subject to customary closing conditions. CIT plans to use the net proceeds from the offering of the Notes for general corporate purposes.

CIT has filed a shelf registration statement with the U.S. Securities and Exchange Commission (SEC) for the offering of the Notes.
The Joint Book-Running Managers for the offering are BofA Merrill Lynch, Credit Suisse and Morgan Stanley.

Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its Internet bank, offers a suite of savings options designed to help customers achieve a range of financial goals.

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