144A Private Placement of $2 Billion for CIT
CIT Announces Pricing of $2 Billion of Second-Priority Secured Notes
NEW YORK –(BUSINESS WIRE)– CIT Group Inc. (NYSE: CIT), announced the pricing of a private placement of $2 billion aggregate principal amount of Series C Second-Priority Secured Notes, consisting of $1.3 billion principal amount due 2014 and $700 million principal amount due 2018. The 2014 Notes priced at par and will bear interest at a rate of 5.250% and the 2018 Notes priced at par and will bear interest at a rate of 6.625%. The Notes will be obligations of CIT and will be secured by the same collateral that secures CIT’s outstanding Series A Second-Priority Secured Notes. In addition, the Notes will be guaranteed by the same subsidiaries of CIT that guarantee CIT’s outstanding Series A Second-Priority Secured Notes. CIT expects the offering to close on or about March 30, 2011, subject to customary closing conditions.
CIT plans to use the net proceeds from the offering to retire all of its remaining Series A Second-Priority Secured Notes maturing in 2013 and a portion of its Series A Second-Priority Secured Notes maturing in 2014 and pay related premiums, fees and expenses in connection therewith.
The Notes will be sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and outside the United States only to non-U.S. investors in accordance with Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities. Any offers of the securities will be made only by means of a private offering memorandum.
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