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
Anglo-Dutch oil giant Royal Dutch Shell plans to cut 2,200 more jobs, as the company continues to face lower oil prices, media reported Wednesday citing an emailed statement. The latest round of cuts would bring the total job cuts this year to at least 5,000 globally. In the U.K. and Ireland, the company plans to reduce staff working in exploration and production by 475. Tiffany & Co. (TIF) reported first-quarter net earnings of $87 million, or $0.69 per share compared to $105 million, or $0.81 per share, in the prior year. The company noted that its first-quarter results included a tax benefit of $0.05 per share related to the settlement of a tax examination. On average,... Shares of Marks & Spencer Group plc were losing around 8 percent in the early morning trading in London, after the retailer reported lower profit in its fiscal 2016, hurt mainly by weak results at clothing & Home segment and lower UK LFL sales. Looking ahead, the company warned about profit, and said it sees a similar sales trend in fiscal 2017.
comments powered by Disqus
Follow RTT