UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 24, 2011 (March 23, 2011)
CIT GROUP INC.
(Exact name of registrant as specified in its charter)
Delaware | 001-31369 | 65-1051192 |
(State or other | (Commission | (IRS Employer |
jurisdiction of | File Number) | Identification No.) |
incorporation) |
11 West 42nd Street
New York, New York 10036
(Address of registrant's principal executive office)
Registrant's telephone number, including area code: (212) 461-5200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 8 Other Events
Item 8.01. Other Events.
On March 23, 2011, CIT Group Inc. announced the pricing of a private placement of $2 billion of its Series C Second-Priority Secured Notes, consisting of $1.3 billion principal amount due 2014 (the 2014 Notes) and $700 million principal amount due 2018 (the 2018 Notes). The 2014 Notes priced at par and will bear interest at a rate of 5.250% and the 2018 Notes priced at par and will bear interest at a rate of 6.625%. A copy of the press release containing the announcement is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) | Exhibits. |
99.1 | Press release dated March 23, 2011. |
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements (including statements regarding future financial and operating results) involve risks, uncertainties and contingencies, many of which are beyond CITs control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements contained in this document that are not clearly historical in nature are forward-looking, and the words anticipate, believe, expect, estimate, plan, and similar expressions are generally intended to identify forward-looking statements. Economic, business, funding market, competitive and/or regulatory factors, among others, affecting CITs businesses are examples of factors that could cause actual results to differ materially from those described in the forward-looking statements. More detailed information about these factors are described in CITs filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010. CIT is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CIT GROUP INC. | ||
(Registrant) | ||
By: | /s/ Scott T. Parker | |
|
||
Scott T. Parker | ||
Executive Vice President & | ||
Chief Financial Officer
|
Dated: March 24, 2011
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CIT ANNOUNCES PRICING OF $2 BILLION OF
SECOND-PRIORITY SECURED NOTES
NEW YORK March 23, 2011 CIT Group Inc. (NYSE: CIT), today announced the pricing of a private placement of $2 billion aggregate principal amount of Series C Second-Priority Secured Notes, consisting of $1.3 billion principal amount due 2014 (the 2014 Notes) and $700 million principal amount due 2018 (the 2018 Notes, together, the Notes). The 2014 Notes priced at par and will bear interest at a rate of 5.250% and the 2018 Notes priced at par and will bear interest at a rate of 6.625%. The Notes will be obligations of CIT and will be secured by the same collateral that secures CITs outstanding Series A Second-Priority Secured Notes. In addition, the Notes will be guaranteed by the same subsidiaries of CIT that guarantee CITs outstanding Series A Second-Priority Secured Notes. CIT expects the offering to close on or about March 30, 2011, subject to customary closing conditions.
CIT plans to use the net proceeds from the offering to retire all of its remaining Series A Second-Priority Secured Notes maturing in 2013 and a portion of its Series A Second-Priority Secured Notes maturing in 2014 and pay related premiums, fees and expenses in connection therewith.
The Notes will be sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the Securities Act) and outside the United States only to non-U.S. investors in accordance with Regulation S under the Securities Act. The Notes have not been registered
under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities. Any offers of the securities will be made only by means of a private offering memorandum.
Cautionary statement regarding forward-looking statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements (including statements regarding future financial and operating results) involve risks, uncertainties and contingencies, many of which are beyond CITs control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements contained in this document that are not clearly historical in nature are forward-looking, and the words anticipate, believe, expect, estimate, plan, and similar expressions are generally intended to identify forward-looking statements. Economic, business, funding market, competitive and/or regulatory factors, among others, affecting CITs businesses are examples of factors that could cause actual results to differ materially from those described in the forward-looking statements. More detailed information about these factors are described in CITs filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010. CIT is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
The following factors, among others, could cause actual results to differ materially from those expressed or implied in forward-looking statements: capital markets liquidity; risks of and/or actual economic slowdown, downturn or recession; industry cycles and trends; uncertainties associated with risk management, including credit, prepayment, asset/liability, interest rate and currency risks; estimates and assumptions used to fair value the balance sheet in accordance with fresh start accounting and actual variation between the estimated fair values and the realized values; adequacy of reserves for credit losses; risks inherent in changes in market interest rates and quality spreads; funding opportunities, deposit taking capabilities and borrowing costs; risks that CIT will not have sufficient liquidity due to material increases in customer drawdowns on outstanding commitments; risks that the restructuring of CITs capital structure did not result in sufficient additional capital or improved liquidity; risks that CIT will be unable to comply with the terms of the Written Agreement
with the Reserve Bank or the Orders of the FDIC and UDFI; conditions and/or changes in funding markets and our access to such markets, including commercial paper, secured and unsecured term debt and the asset-backed securitization markets; risks of implementing new processes, procedures, and systems; risks associated with the value and recoverability of leased equipment and lease residual values; application of fair value accounting in volatile markets; application of goodwill accounting in a recessionary economy; changes in laws or regulations governing our business and operations; changes in competitive factors; demographic trends; future acquisitions and dispositions of businesses or asset portfolios; and regulatory changes and/or developments. CIT undertakes no duty to update any forward looking statement.
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CIT MEDIA RELATIONS:
C. Curtis Ritter
Vice President
Director of External and Internal
Communications & Media Relations
(973) 740-5390
Curt.Ritter@cit.com
CIT INVESTOR RELATIONS:
Ken Brause
Executive Vice President
(212) 771-9650
Ken.Brause@cit.com
Steve Klimas
Senior Vice President
(973) 535-3769
Steve.Klimas@cit.com