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CIT GROUP INC FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits

February 19, 2014



Item 1.01. Entry into a Material Definitive Agreement.

On February 19, 2014, CIT Group Inc. ("CIT") completed a registered public offering of $1 billion aggregate principal amount of senior unsecured notes due 2019 (the "Notes"). The Notes were priced at par and will bear interest at a rate of 3.875% per annum. Interest on the Notes will be payable semi-annually in cash in arrears on February 19 and August 19 of each year, commencing on August 19, 2014.

The net proceeds of this offering were approximately $990.8 million, after deducting commissions, fees and expenses associated with the offering. We intend to use the net proceeds from the offering of the Notes for general corporate purposes.

The Notes were issued pursuant to CIT's shelf registration statement on Form S-3 ASR (Registration No. 333-180015), as supplemented by the final prospectus supplement filed with the SEC on February 12, 2014.

The Notes are unsecured obligations of CIT and are not guaranteed by any of CIT's subsidiaries.

The Notes were issued under a base indenture, dated March 15, 2012, as supplemented by a fifth supplemental indenture, dated as of February 19, 2014 (together, the "Indenture"), each between CIT, Wilmington Trust, National Association, as trustee and Deutsche Bank Trust Company Americas, as paying agent, security registrar and authenticating agent. The Indenture contains certain covenants that, subject to exceptions, limit CIT's ability to (i) create liens and (ii) merge or consolidate, or sell, transfer, lease or dispose of all or substantially all of its assets.

The Notes may be redeemed at any time, in whole or in part, at a redemption price of 100% of the principal amount plus accrued and unpaid interest, if any, to the redemption date, plus a "make-whole" premium based on a discount rate of the applicable U.S. Treasury rate plus 35 basis points. In addition, CIT may at any time and from time to time purchase Notes in open market transactions, tender offers or otherwise. If CIT experiences a Change of Control Triggering Event (as defined in the Indenture), the holders of the Notes may require CIT to repurchase for cash all or a portion of their Notes at a price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest.

The Indenture (including the Form of Note included therein) and the underwriting agreement relating to the Notes have been filed as exhibits to this Current Report on Form 8-K and the description of the Indenture contained herein is qualified in its entirety by reference to the Indenture.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

1.1 Underwriting Agreement, dated as of February 12, 2014, among CIT Group Inc. and the several underwriters named on Schedule A thereto. 4.1 Indenture, dated as of March 15, 2012, among CIT Group Inc., Wilmington Trust, National Association, as trustee, and Deutsche Bank Trust Company Americas, as paying agent, security registrar and authenticating agent (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed March 16, 2012). 4.2 Fifth Supplemental Indenture, dated as of February 19, 2014, among CIT Group Inc., Wilmington Trust, National Association, as trustee, and Deutsche Bank Trust Company Americas, as paying agent, security registrar and authenticating agent (including the Form of 3.875% Senior Unsecured Note due 2019). 5.1 Opinion of Sullivan & Cromwell LLP. 23.1 Consent of Sullivan & Cromwell LLP (included in Exhibit 5.1).


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Source: Edgar Glimpses


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