CIT Closes $753 Million Equipment Lease Securitization

CIT Group Inc.

today announced that it closed a $753 million equipment lease securitization. CIT sold six classes of fixed rate notes in a private offering backed by a pool of equipment leases from CIT's Vendor Finance business segment. The weighted average fixed coupon is 1.45%, which represents a weighted average credit spread of 0.88% over benchmark rates for the six classes of notes. The securitization had a net advance rate of 92.5%.