CIT Announces Pricing Of $1 Billion Of Senior Unsecured Notes And $400 Million Of Subordinated Notes

NEW YORK, March 6, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced the pricing of a public offering of $500 million aggregate principal amount of senior unsecured notes due 2021 (the "2021 Notes"), $500 million aggregate principal amount of senior unsecured notes due 2025 (the "2025 Notes" and, together with the 2021 Notes, the "Senior Notes") and $400 million aggregate principal amount of subordinated notes due 2028 (the "Subordinated Notes" and, together with the Senior Notes, the "Notes"). The Senior Notes and Subordinated Notes are being offered under separate prospectus supplements. The Notes priced at par. The 2021 Notes will bear interest at a per annum rate of 4.125%, the 2025 Notes will bear interest at a per annum rate of 5.250%, and the Subordinated Notes will bear interest at a per annum rate of 6.125%. The Senior Notes will be senior unsecured obligations of CIT and the Subordinated Notes will be unsecured and subordinated to CIT's senior indebtedness. The Notes will not be guaranteed by any of CIT's subsidiaries. CIT expects each offering to close on or about March 9, 2018, subject to customary closing conditions. CIT plans to use the net proceeds from the offering of the Senior Notes to retire outstanding indebtedness and for general corporate purposes, and the proceeds from the offering of the Subordinated Notes for general corporate purposes, including returning capital to CIT shareholders. 

CIT has filed a shelf registration statement on Form S-3 (File No. 333-221965) with the U.S. Securities and Exchange Commission (SEC) for the offerings of the Notes. Before you invest, you should read the applicable prospectus supplement and prospectus in that registration statement and other documents CIT has filed or will file with the SEC for more complete information about CIT and each offering. You may obtain these documents for free by visiting EDGAR on the SEC's Web site at sec.gov. Alternatively, copies of the final prospectus supplement and accompanying prospectus for each offering may be obtained free of charge by contacting any of the Joint Book-Running Managers at their numbers below:

Barclays Capital Inc. (888) 603-5847
Credit Suisse Securities (USA) LLC (800) 221-1037
Deutsche Bank Securities Inc. (800) 503-4611
Merrill Lynch, Pierce, Fenner & Smith Incorporated (800) 294-1322

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplements or the shelf registration statement or prospectus.

About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information visit cit.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable federal securities laws that are based upon our current expectations and assumptions concerning future events, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. The words "expect," "anticipate," "estimate," "forecast," "initiative," "objective," "plan," "goal," "project," "outlook," "priorities," "target," "intend," "evaluate," "pursue," "commence," "seek," "may," "would," "could," "should," "believe," "potential," "continue," or the negative of any of those words or similar expressions is intended to identify forward-looking statements. All statements contained in this press release, other than statements of historical fact, including without limitation, statements about our plans, strategies, prospects and expectations regarding future events and our financial performance, are forward-looking statements that involve certain risks and uncertainties. While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, these statements are not guarantees of any events or financial results, and our actual results may differ materially. Important factors that could cause our actual results to be materially different from our expectations include, among others, the risk that (i) CIT is unsuccessful in implementing its strategy and business plan, (ii) CIT is unable to react to and address key business and regulatory issues, (iii) CIT is unable to achieve the projected revenue growth from its new business initiatives or the projected expense reductions from efficiency improvements, (iv) CIT becomes subject to liquidity constraints and higher funding costs, or (v) the parties to a transaction do not receive or satisfy regulatory or other approvals or conditions on a timely basis or approvals are subject to conditions that are not anticipated. We describe these and other risks that could affect our results in Item 1A, "Risk Factors," of our latest Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the Securities and Exchange Commission. Accordingly, you should not place undue reliance on the forward-looking statements contained in this press release. These forward-looking statements speak only as of the date on which the statements were made. CIT undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except where expressly required by law.

Contacts

CIT MEDIA RELATIONS:
Gina Proia
(212) 771-6008
[email protected]

CIT INVESTOR RELATIONS:
Barbara Callahan
(973) 740-5058
[email protected]

SOURCE CIT Group Inc.

Related Links

http://www.cit.com