CIT Group announced the pricing of a public offering of $500 million aggregate principal amount of senior unsecured notes due 2021, $500 million aggregate principal amount of senior unsecured notes due 2025 and, together with the 2021 notes and $400 million aggregate principal amount of subordinated notes due 2028.

The senior notes and subordinated notes are being offered under separate prospectus supplements. The notes priced at par. The 2021 notes will bear interest at a per annum rate of 4.125%, the 2025 Notes will bear interest at a per annum rate of 5.250%, and the subordinated notes will bear interest at a per annum rate of 6.125%.

The senior notes will be senior unsecured obligations of CIT and the subordinated notes will be unsecured and subordinated to CIT’s senior indebtedness. The notes will not be guaranteed by any of CIT’s subsidiaries.

CIT expects each offering to close on or about March 9, 2018, subject to customary closing conditions. CIT plans to use the net proceeds from the offering of the senior notes to retire outstanding indebtedness and for general corporate purposes, and the proceeds from the offering of the Subordinated Notes for general corporate purposes, including returning capital to CIT shareholders.