CIT Group calls additional $600 million of 7% series C notes due 2016

By Tali David

Minneapolis, July 20 - CIT Group Inc. will redeem an additional $600 million of its 7% series C senior notes due 2016, according to a press release.

The notes will be redeemed at par on a pro rata basis on Aug. 20.

The transaction will leave roughly $2.4 billion principal amount of the notes outstanding.

"Following this redemption we will have eliminated or refinanced more than $26.5 billion of high-cost debt over the past two-and-a-half years," chairman and chief executive officer John Thain said in the release.

CIT Group is a New York-based bank holding company that provides business loans for middle-market companies and small businesses.

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