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CIT Group buying back $609M in common stock via tender offer

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CIT Group buying back $609M in common stock via tender offer

CIT Group Inc. announced the final results of its modified Dutch auction tender offer that expired at 11:59 p.m. ET on May 23.

Based on the final count by the depository for the tender offer, Computershare Trust Co. NA, CIT accepted for payment 11,123,287 of its common shares at a purchase price of $54.75 per share, for a cost of approximately $609 million, excluding offer-related fees and expenses.

The shares accepted for purchase include 9,132,420 shares that CIT initially offered to purchase for up to $500 million, and 1,990,867 additional shares that the company has elected to purchase for the remaining balance under its right to purchase up to an additional 2% of its outstanding shares without amending or extending the tender offer.

The repurchased shares represent approximately 8.8% of CIT's common shares issued and outstanding as of May 22.

Credit Suisse Securities (USA) LLC acted as the dealer manager for the offer and Georgeson LLC acted as the information agent.