CIT Tenders Offer to Purchase 2.969% Senior Unsecured Fixed-to-Floating Rate Notes



CIT Bank, the banking subsidiary of CIT Group, has commenced a cash tender offer to purchase any and all of its 2.969 % Senior Unsecured Fixed-to-Floating Rate Notes due 2025. As of May 26, 2020, CIT Bank had $550 million aggregate principal amount of the notes outstanding. The tender offer is being made pursuant to an offer to purchase, dated as of May 26, 2020, and a notice of guaranteed delivery.

The tender offer will expire at 5:00 p.m., New York City time, on June 1, 2020, unless extended or earlier terminated as described in the offer to purchase (such time and date, as they may be extended, the Expiration Time).

Holders of the notes who validly tender (and do not validly withdraw) their notes prior to the Expiration Time, or who deliver to the tender agent and information agent a properly completed and duly executed notice of guaranteed delivery in accordance with the instructions described in the offer to purchase, will be eligible to receive total cash consideration of $930 per $1,000 principal amount of notes, plus any accrued and unpaid interest from the last interest payment date up to, but not including, the settlement date, which is expected to occur on June 4, 2020 (the third business day after the Expiration Time).

Tendered notes may be withdrawn at any time at or prior to the Expiration Time. CIT Bank reserves the right to terminate, withdraw or amend the tender offer at any time, subject to applicable law.

The tender offer is subject to the satisfaction or waiver of certain conditions.  The tender offer is not conditioned on any minimum amount of notes being tendered.

The tender offer is being made pursuant to the terms and conditions contained in the offer to purchase and related notice of guaranteed delivery, copies of which may be obtained from D.F. King & Co.

Persons with questions regarding the tender offer should contact the dealer manager: J.P. Morgan Securities.

None of CIT Bank, CIT, the dealer manager, the tender offer agent, the information agent or the issuing and paying agent for the notes, or any of their respective affiliates, is making any recommendation as to whether holders should tender any notes in response to the tender offer. Holders must make their own decision as to whether to tender any of their notes and, if so, the principal amount of notes to tender.

This announcement is not an offer to purchase or a solicitation of an offer to sell any securities. The tender offer is being made solely by means of the offer to purchase and the related notice of guaranteed delivery.


Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
[email protected]
Susie Angelucci
Advertising: 484.459.3016
[email protected]

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.
www.abfjournal.com