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CIT To Redeem $2 Bln Of 7% Series C Senior Unsecured Notes Maturing In 2017

CIT Group Inc. (CIT) announced that it will redeem $2 billion of its 7% Series C Senior Unsecured Notes maturing in 2017.

Following this redemption, approximately $3.1 billion principal amount of the 7% Notes maturing in 2016 and approximately $1.6 billion principal amount of the 7% Notes maturing in 2017 will remain outstanding, CIT Group said.

CIT Group said, including the redemption announced today, that it will have eliminated or refinanced approximately $26 billion of high cost debt since the beginning of 2010.

The company stated that it has provided a redemption notice for the 7% Notes to the trustee and intends to complete the redemption on June 4, 2012. As provided under the terms of the 7% Notes, the company will redeem the outstanding principal balance at par and will be redeemed on a pro-rata basis among all of the 2017 Notes, CIT Group said.

by RTTNews Staff Writer

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