CIT Group to redeem $537 million 10¼% series B second-lien notes

By Marisa Wong

Madison, Wis., Sept. 21 - CIT Group Inc. announced it is calling all of its outstanding 10¼% series B second-lien notes maturing in 2013 and 2014.

The company said it will redeem the notes Oct. 21.

The total principal amount of the 10¼% notes to be redeemed is $537 million.

The redemption price will be 103.5% of par.

After this redemption, approximately $1.6 billion of series B notes maturing in 2015, 2016 and 2017 will remain outstanding.

"We continue to improve our cost of capital by reducing our existing high cost debt through repayment or refinancing with lower cost funding as we provide much needed financing to small businesses and middle market companies," said John A. Thain, CIT's chairman and chief executive officer, in a news release.

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

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