Daily News: February 2, 2012

CIT Begins Private Offering of Second-Priority Secured Notes


CIT announced it has commenced an offering through a private placement of Series C Second-Priority Secured Notes due 2015 and Series C Second-Priority Secured Notes due 2019. CIT plans to use the net proceeds from the offering for general corporate purposes and the refinancing of other outstanding indebtedness.

The notes are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended, and outside the United States, only to non-U.S. investors pursuant to Regulation S. The notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Securities Act.