NEW YORK, June 2, 2020 /PRNewswire/ -- CIT Bank, N.A.
(CIT Bank), the banking subsidiary of CIT Group Inc. (NYSE: CIT)
(CIT), today announced that the previously announced cash tender
offer to purchase any and all of its 2.969% Senior Unsecured
Fixed-to-Floating Rate Notes due 2025 (Notes) expired at
5:00 p.m., New York City time, on June 1, 2020 (Expiration Time). As of the
Expiration Time, $234,751,000
aggregate principal amount of the Notes (42.68% of Notes
outstanding) were validly tendered. There were no Notes
subject to guaranteed delivery procedures. CIT Bank expects to
accept for payment all Notes validly tendered and not validly
withdrawn in the tender offer and expects to make payment for the
Notes on June 4, 2020. Such tendering
holders will receive the purchase price in the amount of
$930.00 for each $1,000 principal amount of Notes tendered, plus
accrued and unpaid interest to, but not including, the payment
date. Pursuant to the terms of the tender offer, Notes not tendered
in the tender offer will remain outstanding.
![(PRNewsfoto/CIT Group Inc.) (PRNewsfoto/CIT Group Inc.)](https://mma.prnewswire.com/media/784850/CIT_Logo.jpg)
J.P. Morgan Securities LLC acted as dealer manager. Persons with
questions regarding the tender offer should contact J.P. Morgan
Securities LLC at (212) 834-4087 (collect) or (866) 834-4666
(toll-free), or the information agent and tender agent, D.F. King
& Co., Inc., at (800) 628-8532 (toll-free) or, for banks and
brokers, at (212) 269-5550.
This announcement is neither an offer to purchase nor a
solicitation of an offer to sell any of these securities and
shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale is
unlawful.
About CIT
CIT is a leading national bank focused on empowering businesses
and personal savers with the financial agility to navigate their
goals. CIT Group Inc. (NYSE: CIT) is a financial holding company
with over a century of experience and operates a principal bank
subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender).
CIT's commercial banking segment includes commercial financing,
community association banking, middle market banking, equipment and
vendor financing, factoring, railcar financing, treasury and
payments services, and capital markets and asset management. CIT's
consumer banking segment includes a national direct bank and
regional branch network. Discover more at cit.com/about.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of applicable federal securities laws that are based
upon our current expectations and assumptions concerning future
events, which are subject to a number of risks and uncertainties
that could cause actual results to differ materially from those
anticipated. The words "expect," "anticipate," "estimate,"
"forecast," "initiative," "objective," "plan," "goal," "project,"
"outlook," "priorities," "target," "intend," "evaluate," "pursue,"
"commence," "seek," "may," "will," "would," "could," "should,"
"believe," "potential," "continue," or the negative of any of those
words or similar expressions is intended to identify
forward-looking statements. All statements contained in this press
release, other than statements of historical fact, including
without limitation, statements about our plans, strategies,
prospects and expectations regarding future events and our
financial performance, are forward-looking statements that involve
certain risks and uncertainties. While these statements represent
our current judgment on what the future may hold, and we believe
these judgments are reasonable, these statements are not guarantees
of any events or financial results, and our actual results may
differ materially. We further describe these and other risks that
could affect our results in Item 1A, "Risk Factors," of CIT's
latest Annual Report on Form 10-K for the year ended
December 31, 2019 and CIT's latest quarterly report on Form
10-Q for the quarter ended March 31,
2020, both of which were filed with the Securities and
Exchange Commission. Accordingly, you should not place undue
reliance on the forward-looking statements contained in this press
release. These forward-looking statements speak only as of the
date on which the statements were made. Neither CIT Bank nor CIT
undertakes any obligation to update publicly or otherwise revise
any forward-looking statements, except where expressly required by
law.
Contacts
MEDIA RELATIONS:
Gina Proia
(212) 771-6008
Gina.Proia@cit.com
INVESTOR RELATIONS:
Barbara Callahan
(973) 740-5058
Barbara.Callahan@cit.com
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SOURCE CIT Group Inc.