CIT to redeem additional $500 million of 2013 Series A Notes

NEW YORK – CIT Group Inc. (NYSE: CIT) , a provider of financing to small businesses and middle market companies, will redeem an additional $500 million of its 7% Series A Second Lien Notes maturing in 2013. After this redemption, approximately $1.1 billion principal amount of the 2013 Series A Notes will remain outstanding.

Including this redemption, CIT will have eliminated more than $7.5 billion of first lien and second lien debt, including $4.5 billion of First Lien debt, its entire $2.1 billion of Series B Second Lien Notes, and $1.0 billion of 2013 Series A Notes since the beginning of 2010.

The Company has provided a redemption notice to the trustee and intends to complete the redemption on March 31, 2011. As provided under the terms of the Series A Notes, the redemption price will be 102% of the aggregate principal amount redeemed and the notes will be redeemed on a pro-rata basis among all of the 2013 Series A Notes.

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