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
H&R Block reported a smaller loss for the first quarter, driven by a four percent increase in revenues, partly offset by foreign currency fluctuations. The company announced a $3.5 billion stock buyback, and its shares gained 7% in after-hours trade... About nine-tenths of the world's sea birds are likely to have consumed pieces of plastic which continue to remain in their guts, a study shows. Automakers reported some mixed U.S. sales for August, marked by fewer working days and a delayed Labor Day, even as the month was largely bullish, spurred by lower interest rates, cheaper gas, and some strong employment data that buoyed consumer confidence.
comments powered by Disqus
Follow RTT