logo
Share SHARE
FONT-SIZE Plus   Neg

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

CIT Group Inc. (CITGQ.PK,CIT) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Live-streaming video platform Twitch said it will launch a new affiliate program for non-partnered streamers that will allow them to earn money as they broadcast on the platform. This will be similar to YouTube's Partner program and is part of Twitch's efforts to broaden its appeal. Chocolate company Hershey Co. said it will increase the visibility of nutrition information and portion options of its snacks as well as reduce the sweets' calorie count. The move is part of the company's ongoing efforts to offer a broad range of snacks and clear information in response to feedback from consumers, who are shifting to healthier foods. The Coca-Cola Company (KO) reported a profit for the first-quarter of 2017 that declined 20 percent from the prior year. Net revenues declined 11%, reflecting unfavorable impacts from structural changes of 10% and foreign currency of 1%. The company remains on track to deliver its underlying revenue and profit targets for the full year.
comments powered by Disqus
Follow RTT