CIT To Reduce High Cost Debt by an Additional $500M

CIT Group Inc. (NYSE: CIT) cit.com today announced that it will redeem an additional $500 million of 7% Series A Second Lien Notes (Notes) maturing in 2016 with cash on hand. Following this redemption, approximately $1 billion principal amount of the Notes maturing in 2016 and approximately $2.9 billion principal amount of the Notes maturing in 2017 will remain outstanding.

Including the Series A redemption announced today, CIT will have eliminated or refinanced approximately $18 billion of first lien and second lien debt since the beginning of 2010, including $7.5 billion of first lien debt, approximately $8.3 billion of Series A Notes and its entire $2.1 billion of Series B Notes.