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CIT says secures $3 bln credit facility

NEW YORK
Mon Jul 20, 2009 7:55pm EDT

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CIT surprise rescue

Mon, Jul 20 2009

NEW YORK (Reuters) - CIT Group Inc said on Monday it secured a $3 billion credit facility from bondholders and would start a comprehensive restructuring, in moves seen crucial for the company to avoid a bankruptcy filing.

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The company, which lends to nearly one million small and mid-sized businesses, also said as a first step in its recapitalization plan, it has started a cash tender offer for its outstanding floating rate senior notes due August 17.

The offer will be for $825 for each $1,000 principal amount of notes tendered on or before July 31.

(Editing by Carol Bishopric)
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