CIT to Prepay $500 Million of First Lien Term Loan

CIT Group Inc.

today announced that it has given notice that it will prepay $500 million of its $3 billion senior secured first lien term loan on July 15, 2011. Including this prepayment, CIT will have eliminated more than $10.5 billion of first lien and second lien debt since the beginning of 2010, including $5 billion of first lien debt, $3.5 billion of Series A Notes, and its entire $2.1 billion of Series B Notes.