CIT Group (CIT) Announces $600M Unsecured Note Redemption
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CIT Group Inc. (NYSE: CIT) announced that it will redeem an additional $600 million of its 7% Series C Senior Unsecured Notes (7% Notes) maturing in 2016. Following this redemption, approximately $2.4 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.
The Company has provided a redemption notice for the 7% Notes to the trustee and intends to complete the redemption on August 20, 2012. As provided under the terms of the 7% Notes, the Company will redeem the outstanding principal balance at par on a pro-rata basis among all of the 2016 Notes.
The Company has provided a redemption notice for the 7% Notes to the trustee and intends to complete the redemption on August 20, 2012. As provided under the terms of the 7% Notes, the Company will redeem the outstanding principal balance at par on a pro-rata basis among all of the 2016 Notes.
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