Lender to small and mid-sized businesses, CIT Group, is planning to buy back $2.5 billion in notes, The Wall Street Journal reports. The lender will redeem $2.5 billion of 7% Series A second-lien notes, which includes a $1.1 billion principal amount of 2013 notes and $1.4 billion in 2014 notes.
CIT is seeking to lower its debt and improve its balance sheet after its bankruptcy in 2009. The firm’s total redemption of costly first-lien and second-lien debt will now reach about $10 billion since the beginning of 2010.
Click here for the story from The Wall Street Journal.
Click here for the additional coverage from Reuters.