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CIT to redeem notes, commences cash tender offer

CIT Group Inc. started a cash tender offer to purchase up to $950 million aggregate principal amount of its outstanding 5.500% series C unsecured notes due 2019, 5.375% senior unsecured notes due 2020 and 5.000% senior unsecured notes due 2022.

Tenders of notes may be withdrawn at or prior to 5:00 p.m. ET on April 17. The offer will expire at 11:59 p.m. ET on May 1, unless extended.

CIT also plans to redeem on May 4 $1.73 billion of 4.250% senior unsecured notes due August 2017, $1.47 billion of 5.250% senior unsecured notes due March 2018, $695 million of 6.625% series C unsecured notes due April 2018, and $956.0 million of 5.000% senior unsecured notes due May 2018.

Wilmington Trust National Association is the trustee for the 4.250% notes, 5.250% notes and 5.000% notes. Deutsche Bank Trust Company Americas is the trustee for the 6.625% notes.

CIT expects to use proceeds from the sale of its commercial aircraft leasing business to fund the purchase of notes and to redeem the notes.