CIT Group commenced an offer to exchange any and all of its outstanding 5.000% senior unsecured notes due 2017 for its newly issued 5.000% senior unsecured notes due 2018, upon the terms and subject to the conditions set forth in the offering memorandum dated December 8, 2016 and the accompanying letter of transmittal.

The new notes will mature on May 15, 2018, which is one year later than the maturity of the old notes. The new notes will have the same interest rate, ranking and covenants as the old notes. Commencing on May 15, 2017, which is the maturity date of the old notes, the new notes will be redeemable at the company’s option at 100.50% of the principal amount of the new notes.

“While we continue to expect the sale of CIT Commercial Air to be completed by the end of the first quarter of 2017, extending the maturity of the notes due in May 2017 will provide financial flexibility and enable CIT to better manage its liquidity profile in the event of an unexpected delay in the sale,” said Carol Hayles, chief financial officer.