Reuters logo
CIT says secures $3 bln credit facility
July 20, 2009 / 12:04 AM / 8 years ago

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.

<p>A woman walks past the Cit offices in New York, July 13, 2009. REUTERS/Brendan McDermid</p>

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

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below