CIT Group priced a public offering of $500 million aggregate principal amount of senior unsecured notes due 2024. The notes priced at par and will bear interest at a per annum rate of 4.750%. The notes will be senior unsecured obligations of CIT and will not be guaranteed by any of CIT’s subsidiaries. CIT expects the offering to close on or about Aug. 17, 2018, subject to customary closing conditions. CIT plans to use the net proceeds from the offering to retire outstanding indebtedness.

CIT has filed a shelf registration statement on Form S-3 (File No. 333-221965) with the U.S. Securities and Exchange Commission (SEC) for the offering of the notes.