CIT Announces Plans to Redeem an Additional $1 Billion of Series A Notes; Repurchases $400 Million of Series A Notes

CIT Group Inc. CIT today announced that it will redeem an additional $1 billion of its 7% Series A Second lien Notes maturing in 2014. In addition to this redemption, CIT also announced that it completed open market repurchases of approximately $400 million of Series A debt in August, including approximately $300 million of 2014 Series A Second lien Notes and $100 million of 2017 Series A Second lien Notes. Following this redemption and debt repurchase, approximately $464 million principal amount of the 2014 Series A Second lien Notes will remain outstanding and approximately $3.1 billion principal amount of the 2017 Series A Second lien Notes will remain outstanding.