CIT Group has given notice of its intention to redeem on Sept. 20, 2018 all of its outstanding 3.875% senior unsecured notes due February 2019.

The notes will be redeemed at a redemption price equal to the greater of 100% of the principal amount of the notes redeemed and the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed that would be due after the related redemption date but for such redemption (exclusive of interest accrued to the redemption date) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of 12 30-day months) at the applicable treasury yield plus 35 basis points, plus, in either case, accrued and unpaid interest, to the redemption date, subject to the rights of holders of such notes on a relevant record date to receive interest due on a relevant interest payment date.

CIT instructed Wilmington Trust, National Association, as the trustee for the notes, to distribute a notice of redemption to all registered holders of the notes on Aug. 17, 2018.

CIT expects to use proceeds from the offering of its 4.750% senior unsecured notes due 2024 to redeem the notes.