Daily News: May 1, 2012

CIT Announces Public Offering of Senior Unsecured Notes


CIT announced that it has commenced an offering of senior unsecured notes due 2017 and senior unsecured notes due 2020 in a transaction registered with the U.S. Securities and Exchange Commission.

CIT plans to use the net proceeds from the offering of the 2017 Notes for general corporate purposes and the refinancing of its outstanding 7% Series C Notes maturing in 2017. CIT plans to use the net proceeds from the offering of the 2020 Notes for general corporate purposes and the refinancing of its outstanding 7% Series C Notes maturing in 2016 and/or 2017.

The joint book-running managers for the offering are BofA Merrill Lynch, Barclays, Credit Suisse, Morgan Stanley and UBS Investment Bank.