The board of directors for CIT announced today that it has authorized the voluntary pre-payment of $750 million toward its debt. To read more about the history of CIT and its significance to the Action Sports industry, view our resource page.
“NEW YORK – February 8, 2010 – CIT Group Inc. <http://www.cit.com/> (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that its Board of Directors has authorized the voluntary prepayment of $750 million on its $7.5 billion first lien credit facility. The Company will prepay this high cost debt out of its available holding company cash position, which is in excess of $5 billion. The repayment will be made on February 9, 2010 on a pro rata basis among outstanding tranches and will be subject to the applicable 2% payment premium.
In addition, the Company announced that since the terms for distribution of common shares to holders of its Contingent Value Rights (CVRs) were not met as of the February 8, 2010 Measurement Date, they have expired without value.
Additional information can be found in the Company's Form 8-K filing available on CIT's Web site, www.cit.com <http://www.cit.com/> , in the Investor Relations section.
CIT (NYSE: CIT) is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the Fortune 500. www.cit.com”