CIT Group plans to sell $25-par non-cumulative perpetual preferreds

By James McCandless

San Antonio, Nov. 7 – CIT Group Inc. plans to price an offering of $25-par series B non-cumulative perpetual preferred stock, according to a 424B2 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.

Dividends will be payable quarterly on March 15, June 15, Sept. 15 and Dec. 15 of each year, beginning on March 15, 2020.

The preferreds are redeemable on or after Dec. 15, 2024 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event.

CIT plans to use the proceeds to finance a portion of the cash consideration expected to be paid in connection with the consummation of its merger with Mutual of Omaha Bank and to pay related fees and expenses and for general corporate purposes.

The company plans to list the preferreds on the New York Stock Exchange under the symbol “CITPrB.”

CIT is a New York-based bank holding company.

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