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Details on Industry Insight.
CIT said this morning it has completed an important step in its path to restructuring.CIT is working to complete a draft restructuring plan by Aug. 14.
Click here for a previous story explaining the tender offer and why CIT rattled markets last week.
Here's the press release about the tender offer:
CIT Announces Expiration and Success of Tender Offer
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT), a leading provider of financing to small businesses and middle market companies, 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.
As of the expiration date, 59.81% of the total Notes outstanding were validly tendered and not withdrawn, an amount in excess of the minimum condition.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.
Morgan Stanley & Co. Incorporated and BofA Merrill Lynch are the Dealer Managers for the Offer. D.F. King & Co., Inc. is the Depositary and Information Agent. Persons with questions regarding the Offer should contact Morgan Stanley & Co. Incorporated toll free at (800) 624-1808 or collect at (212) 761-5384 or BofA Merrill Lynch at (980) 388-4813, Attn. Debt Advisory Services. Requests for documents should be directed to D.F. King & Co., Inc. toll free at (800) 758-5880 or collect at (212) 269-5550. The terms and conditions of the Offer are set forth in the Offer to Purchase dated July 20, 2009, the Supplement dated July 23, 2009, and the CIT press release dated August 4, 2009, copies of which are available from the Information Agent.
Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com
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
This press release is for informational purposes only and is not an offer to purchase the Notes. The Offer is only being made pursuant to the offer to purchase and the related letter of transmittal. The Offer is not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.