CIT Group has raised $2 billion in a two-part sale of senior secured notes. The bonds worth $1.3 billion, which carry a coupon rate of 5.25%, will mature on April 1, 2014, while the $700 million bonds, which carry a coupon rate of 6.62%, will be due on April 1, 2018. The U.S. commercial finance company will use the proceeds to retire all of its remaining series A second-priority secured notes maturing in 2013, to pay a portion of its series A second-priority secured notes maturing in 2014 and for general corporate purposes. The joint book-running managers for the sale were Bank of America Merrill Lynch, Barclays, Citi, Deutsche Bank and JP Morgan, adds Reuters.
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