CIT Group to redeem $500 million 7% series A second-lien notes

By Toni Weeks

San Diego, Dec. 30 - CIT Group Inc. announced it is calling $500 million of its outstanding 7% series A second-lien notes maturing in 2013.

The company said it will redeem the notes on Jan. 31 at a price of 102% of par.

After this redemption, approximately $1.6 billion of series A notes maturing in 2013 will remain outstanding.

"The redemption of these notes will result in reduced borrowing costs for CIT as we continue to provide much needed credit to small businesses and middle-market companies," said John A. Thain, CIT's chairman and chief executive officer, in a news release.

"Following this redemption we will have repaid more than $7 billion of first lien and second lien debt over the past 12 months."

CIT is a New York-based provider of financing to small businesses and middle-market companies.

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