CIT says secures $3 bln credit facility

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.

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)