CIT Group unit to accept tenders for $234.75 million of 2.969% notes

By Sarah Lizee

Olympia, Wash., June 2 – CIT Group Inc. banking subsidiary CIT Bank NA announced the final results of its cash tender offer to purchase any and all of its $550 million outstanding of 2.969% senior fixed-to-floating rate notes due 2025.

The tender offer expired 5 p.m. ET on June 1.

As of the expiration time, $234,751,000, or 42.68%, of the notes were validly tendered. CIT said it expects to accept all tendered notes for purchase.

The offer was not conditional on a minimum amount of notes being tendered.

The purchase price per $1,000 principal amount of notes is $930 plus accrued interest up to but excluding the June 4 settlement date.

The dealer manager is J.P. Morgan Securities LLC (212 834-4087 or 866 834-4666).

The tender agent is D.F. King & Co. Inc. (800 628-8532 or 212 269-5550; cit@dfking.com).

The bank holding company is based in New York.

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