CIT Group to redeem remaining $460 million of 7% second-lien notes

By Toni Weeks

San Diego, Sept. 14 - CIT Group Inc. announced in a press release that it will redeem the remaining $460 million of its 7% series A second-lien notes due 2014 on Oct. 13 at a redemption price of 102.

After this, most of the restrictive covenants included under the series A second-lien notes as part of CIT's restructuring in 2009 will be eliminated, the release noted.

This redemption will follow a previously announced redemption planned for Sept. 30 of $1 billion of the 7% notes. Including all redemptions through Oct. 13, CIT will have eliminated or refinanced $15 billion of first-lien and second-lien debt since early 2010, including $7.5 billion of first-lien debt, about $5.4 billion of series A notes and all $2.1 billion of series B notes.

The company issued $21.04 billion of series A second-lien notes in all with maturities from 2013 through 2017.

CIT is a New York-based provider of financing to small businesses and middle-market companies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.