CIT Group Inc. priced a public offering of $500 million of senior unsecured notes due 2024.

The notes will bear interest at a per annum rate of 4.750%.

CIT expects the offering to close on or about Aug. 17. The company plans to use the proceeds from the offering to retire outstanding indebtedness.

Barclays Capital Inc. and Keefe Bruyette & Woods are acting as joint book-running managers for the offering.