CIT to Redeem an Additional $2 Billion of Series A Notes

CIT Group Inc.

today announced that it will redeem an additional $2 billion of 7% Series A Second Lien Notes (Notes), including the $1.6 billion remaining balance of its Notes maturing in 2015 and approximately $400 million of its Notes maturing in 2016. Following this redemption, approximately $1.5 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. CIT also announced that in the fourth quarter it utilized existing secured borrowing facilities to fund a portion of its railcar, commercial aircraft and student lending portfolios. The student loans were primarily sourced from a 2003 student lending securitization, Education Funding Capital Trust-II, with a remaining balance of $500 million that the company redeemed at par on December 20, 2011.