CIT Group completed the early settlement of its previously announced offer to certain eligible noteholders to exchange any and all of the outstanding 5.000% senior unsecured notes due May 2017 for its newly issued 5.000% senior unsecured notes due May 2018, and issued $955.1 million aggregate principal amount of new notes in exchange for a like amount of old notes accepted in the exchange offer.

Interest on the new notes will be payable semi-annually in cash in arrears on May 15 and November 15 of each year, commencing on May 15, 2017. The new notes are unsecured obligations of CIT and are not guaranteed by any of CIT’s subsidiaries.