logo
Share SHARE
FONT-SIZE Plus   Neg

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 RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Federal Aviation Administration said several pilots complained about pointing of strong green laser beams at planes flying over Long Island. The location was around Farmingdale, during 9.30 pm and 10 pm. Searches are on to locate the exact source of the laser beam. The Federal official suspects that the beam came from a hand-held device. Discount retailer Big Lots, Inc. Friday reported an increase in income from continuing operations for the first quarter, from last year. The company also registered a surge in net income particularly as it had carried a loss from discontinued operations last year. Taco Bell, a division of Yum! Brands Inc, is planning to test delivery of food items on college campuses, the Street reported. The move comes at a time the fast food chain seeks to leverage demand for its popular breakfast and dinner items.
comments powered by Disqus
Follow RTT