CIT Group to redeem additional $2.5 billion of 7% second lien notes

By Toni Weeks

San Diego, March 30 - CIT Group Inc. announced it will redeem an additional $2.5 billion of its 7% series A second lien notes on May 2 at a redemption price of 102.

According to a press release, the redemption will include about $1.1 billion of outstanding 2013 series A notes and $1.4 billion of 2014 series A notes.

Including these redemptions, CIT will have eliminated more than $10 billion of high-cost first lien and second lien debt since early 2010, including $4.5 billion of first lien debt, $3.5 billion of series A notes and all of the company's $2.1 billion series B notes.

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

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