CIT to Redeeml $860 Million in Series B Notes

CIT Group Inc. CIT today announced that it will redeem all of its outstanding 10.25% Series B Second Lien Notes maturing in 2015 and 2016. The Company has provided a redemption notice to the trustee and intends to complete the redemption on November 4, 2010. The aggregate principal amount of the 10.25% Series B Notes to be redeemed is approximately $860 million. As provided under the terms of the Series B Notes, the redemption price will be 103.5% of the aggregate principal amount redeemed. After this redemption, approximately $750 million of Series B Notes maturing in 2017 will remain outstanding.