Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

CIT To Redeem $500 Mln Of 7% Series C Senior Unsecured Notes Maturing In 2017

4/2/2012 8:42 AM ET

CIT Group Inc. (CITGQ.PK,CIT: Quote) said it will redeem $500 million of its 7% Series C Senior Unsecured Notes maturing in 2017. Following the redemption, around $3.6 billion principal amount of the Notes maturing in 2017 and approximately $3.1 billion principal amount of the Notes maturing in 2016 will remain outstanding.

"We will continue to eliminate or refinance our remaining high-cost debt as we work to further improve our funding profile," said John Thain, Chairman and Chief Executive Officer.

Including the redemption announced today, as well as the approximately $1.6 billion redemption of 7% Series C Senior Unsecured Notes maturing in 2015, CIT announced on March 15, 2012, that it will have eliminated or refinanced approximately $24 billion of high cost debt since the beginning of 2010.

The company has issued a redemption notice for the Notes to the trustee and plans to complete the redemption announced today on May 2, 2012.

Click here to receive FREE breaking news email alerts for CIT Group Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.