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CIT to redeem $883M of senior debt

CIT Group Inc. intends to redeem $500 million aggregate principal amount of its 3.875% senior unsecured notes and all $383 million of its 5.500% senior unsecured notes.

Both series of notes are due February 2019. The redemption, expected April 9, will likely be funded by the proceeds of offerings of 4.125% notes due 2021 and 5.250% notes due 2025. Those offerings were completed March 9 and raised net proceeds of $991.6 million. CIT on March 9 also completed an offering of 6.125% subordinated notes due 2028, which brought in approximately $396 million in net proceeds, to be used for general corporate purposes.

CIT is the New York-based, $49.28 billion-in-assets holding company of CIT Bank NA.