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
In an unusual incident, an Airbus operated by Singapore Airlines temporarily lost power on both its Rolls Royce engines during a flight and plunged almost 13,000 feet or 3.96 kilometers. However, pilots managed to save the Airbus through standard operational procedures and it continued on its routine path. Hormel Foods has agreed to buy organic meat products maker Applegate Farms LLC for about $775 million, as consumers increasingly use natural and organic foods in their diet. Set-top box maker TiVo Inc. (TIVO), Tuesday reported a slight drop in profit for the first quarter despite an increase in revenue, as its bottom line was impacted by a one-time interest expense. Nevertheless, both earnings and revenues for the quarter trumped Wall Street estimates, on subscription growth,...
comments powered by Disqus
Follow RTT