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CIT to redeem $500 million 3 7/8% notes due 2019 on Sept. 20
By Wendy Van Sickle
Columbus, Ohio, Aug. 17 – CIT Group Inc. called all of its $500 million of outstanding 3 7/8% senior notes due February 2019 for redemption on Sept. 20, according to a press release.
The 3 7/8% notes will be redeemed at a redemption price equal to the greater of par and par plus a make-whole premium calculated using a discount rate of Treasuries plus 35 basis points plus accrued interest to the redemption date.
Wilmington Trust, NA is the trustee.
CIT expects to use proceeds from its sale of $500 million of 4¾% senior notes due 2024 to redeem the notes.
CIT Group is a New York-based bank holding company.
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