Key Developments: CIT Group Inc (CIT)
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24 May 2013
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Latest Key Developments (Source: Significant Developments)
CIT Group Inc Arranges $220 Million Financing
CIT Group Inc announced that it arranged a $220 million senior secured credit facility to help finance the acquisition of TrustHouse Services Group by Elior SCA and Charterhouse Capital Partners. TrustHouse Services is a national U.S. provider of contract food services to the Healthcare, Education and Corrections sectors. Based in Paris, France, Elior is a premier global provider of contract food services and food concessions. Charterhouse Capital Partners is a UK- based private equity firm. CIT Corporate Finance served as Sole Lead Arranger and Administrative Agent for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Full Article
CIT Group Inc Serves as Lead Arranger in $50 Million Financing for Dana Transport
CIT Group Inc announced that it arranged a $50 million senior secured term loan to Avenel, NJ-based Dana Transport, one of the transport industry`s carriers and servicing companies. CIT Capital Equipment Finance served as Lead Arranger, Sole Book Runner, Collateral Agent and Administrative Agent in the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed. Full Article
CIT Group Inc Agrees to Acquire Commercial Loan Portfolio From Flagstar Bancorp Inc's Flagstar Bank
CIT Group Inc announced that it has agreed to acquire a commercial loan portfolio from Flagstar Bank (FSB), a wholly-owned subsidiary of Flagstar Bancorp Inc. Under the terms of the agreement, CIT Bank , the U.S. commercial bank subsidiary of CIT, will acquire approximately $1.3 billion in commercial loan commitments, of which approximately $800 million is currently outstanding. The assets represent a substantial portion of FSB's Northeast-based commercial loan portfolio, which consists primarily of asset-based, commercial real estate, and equipment finance loans and leases. The purchase is expected to be substantially completed during the first quarter of 2013. Full Article
CIT Group Inc Closes New RMB2.2 Billion Facility In China
CIT Group Inc announced that it has closed a new RMB2.2 billion (approximately $345 million) committed facility that will allow CIT Global Vendor Finance to fund new originations in China. The committed availability period expires in September 2014 with a three year final maturity for each drawdown under the facility. Bank of Communications Co., Ltd. served as Agent and Arranger while Agricultural Bank of China Limited served as Co-Arranger under the facility. Bank of Beijing Co., Ltd. and China Merchants Bank Co., Ltd. also served as committed lenders. Full Article
CIT Group Inc Announces Pricing of $3 Billion of Senior Unsecured Notes
CIT Group Inc announced the pricing of a registered public offering of $1.75 billion aggregate principal amount of senior unsecured notes due 2017 (the 2017 Notes) and $1.25 billion aggregate principal amount of senior unsecured notes due 2022 (the 2022 Notes, together with the 2017 Notes, the Notes). The 2017 Notes priced at par and will bear interest at a rate of 4.25%. The 2022 Notes priced at par and will bear interest at a rate of 5.00%. 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 August 3, 2012, subject to customary closing conditions. CIT plans to use the net proceeds from the offering of the Notes for general corporate purposes and the refinancing of its outstanding 7% Series C Notes due 2016 and/or 2017. The Joint Book-Running Managers for the offering are BofA Merrill Lynch, Deutsche Bank Securities, Goldman, Sachs & Co. and J.P. Morgan. Full Article
CIT Group Inc Announces Public Offering Of Senior Unsecured Notes
CIT Group Inc announced that it has commenced an offering of senior unsecured notes due 2017 (the 2017 Notes) and senior unsecured notes due 2022 (the 2022 Notes and, together with the 2017 Notes, the Notes) in a transaction registered with the U.S. Securities and Exchange Commission (SEC). CIT plans to use the net proceeds from the offering of the Notes for general corporate purposes and the refinancing of its outstanding 7% Series C Notes due 2016 and/or 2017. The Joint Book-Running Managers for the offering are BofA Merrill Lynch, Deutsche Bank Securities, Goldman, Sachs & Co. and J.P. Morgan. Full Article
CIT Group Inc Orders For 10 Airbus A330 Aircraft
CIT Group Inc announced that CIT Aerospace has placed orders with Airbus for 10 A330 aircraft in 2012. Five A330 aircraft were ordered earlier this year in conjunction with the cancellation of orders for four A320 family aircraft and the exercise of an aircraft purchase option. An agreement to acquire the additional five aircraft was entered into at the Air Show this morning. Deliveries are scheduled to begin in 2014. Full Article
CIT Group Inc Announces Order for 3,500 Railcars
CIT Group Inc announced that CIT Rail, the railcar lessor in North America, ordered 3,500 railcars from multiple manufacturers with deliveries scheduled throughout 2012 and 2013. These orders are for various tank car models that support the transportation of products across the oil/gas sector, which is experiencing increased production due to expanded exploration and drilling, as well as for covered hopper cars that support the expanding North American plastic resin industry, which is benefiting from low natural gas prices. Full Article
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. Full Article
CIT Group Inc Announces Public Offering Of Senior Unsecured Notes
CIT Group Inc announced that it has commenced an offering of senior unsecured notes due 2017, (2017 Notes) and senior unsecured notes due 2020 (the 2020 Notes and, together with the 2017 Notes, the Notes) in a transaction registered with the U.S. Securities and Exchange Commission (SEC). 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. CIT has filed a registration statement with the SEC for the offering of the Notes. The Joint Book-Running Managers for the offering are BofA Merrill Lynch, Barclays, Credit Suisse, Morgan Stanley and UBS Investment Bank. Full Article
Small-business lender CIT's profit below estimates
- CIT Group Inc , a small-business lender operating under Federal Reserve supervision since emerging from bankruptcy, reported a lower-than-expected quarterly profit on Tuesday due to rising expenses.
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