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CIT Tender Offer Successful

CIT Group Inc.

CIT Group Inc., the financial company whose loans fuel over one million small and middle market businesses, announced yesterday the expiration and successful completion of a $1 billion tender offer designed to help keep the company from being forced into bankruptcy.

Here are the details:

NEW YORK–(BUSINESS WIRE)–CIT Group Inc. (NYSE:CITNews) today announced the expiration and successful completion of its tender offer (the “Offer”) for its $1 billion of Floating Rate Senior Secured Notes due August 17, 2009 (the “Notes”). The Offer expired at 12:00 midnight, New York City time, at the end of August 14, 2009. The completion of this tender offer is another important milestone as the Company continues to make progress on the development and execution of a comprehensive restructuring plan.

CIT 1.43 +0.07
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As of the expiration date, 59.81% of the total Notes outstanding were validly tendered and not withdrawn, an amount in excess of the minimum condition. In accordance with the terms and conditions of the Offer, CIT will accept tendered Notes for payment on August 17, 2009, the settlement date, at a purchase price of $875 per $1,000 principal amount of Notes. CIT will pay amounts due on Notes that have matured but were neither tendered in, nor subject to the Offer in accordance with the terms of those Notes.