CIT Group plans to refinance 7% series C notes with offering proceeds

By Ashley Montgomery

Kansas City, Kan., May 1 - CIT Group Inc. intends to refinance its 7% series C notes due in 2016 and/or 2017, the company said in a news release.

The refinancing will be funded with proceeds from the company's offering of senior notes due 2017. Proceeds will also be used for general corporate purposes.

The bookrunners for the offering are Bank of America Merrill Lynch, Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and UBS Investment Bank.

CIT Group is a New York-based bank holding company that provides business loans for middle-market companies and small businesses.

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