CIT Group Inc Announces Pricing Of $2 Billion Senior Unsecured Notes

CIT Group Inc announced the pricing of a registered public offering of $1.25 billion aggregate principal amount of senior unsecured notes due 2017 and $750 million aggregate principal amount of senior unsecured notes due 2020. The 2017 Notes priced at par and will bear interest at a rate of 5.000%. The 2020 Notes priced at par and will bear interest at a rate of 5.375%. The Notes will be senior unsecured obligations of CIT, and will not be guaranteed by any of CIT’s subsidiaries. CIT expects the offering to close on or about May 4, 2012. CIT plans to use the net proceeds from the offering of the 2017 Notes for general corporate purposes and the refinancing of its outstanding 7% Series C Notes maturing in 2017. CIT plans to use the net proceeds from the offering of the 2020 Notes for general corporate purposes and the refinancing of its outstanding 7% Series C Notes maturing in 2016 and/or 2017. The Joint Book-Running Managers for the offering are BofA Merrill Lynch, Barclays, Credit Suisse, Morgan Stanley and UBS Investment Bank.