CIT Group will buy back $500 million of its second-lien notes. The lender to small and midsize businesses is planning to complete the redemption of the 7% notes on Jan. 31, 2011.
The notes are due to mature in 2013. The redemption of the notes will reduce borrowing costs for CIT, while about $1.6 billion in principal amount of the 2013 Series A notes will remain outstanding.
Click here for the release from Business Wire.