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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

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