Update: This sounds like good news. CIT says it’s making progress on its tender offer and restructuring.
NEW YORK – (Business Wire) CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that, with the consent of the lenders’ steering committee for its recently announced $3 billion secured credit facility (the “Credit Facility”), it has amended its pending tender offer (the “Offer”) for its $1 billion of Floating Rate Senior Notes due August 17, 2009 (the “Notes”).
“We are pleased to announce a constructive resolution to the tender offer as we continue to make progress in the development and execution of a broad restructuring plan that positions CIT for the long-term,” said Jeffrey M. Peek, Chairman and CEO.
As a result of the amendment, holders of all Notes tendered prior to the expiration date at midnight, New York City time, at the end of Friday, August 14, 2009, will receive the amended purchase price of $875 in cash per $1,000 principal amount of Notes, as total consideration in the Offer. Previously, the purchase price, which included an early delivery payment, was $825 per $1,000 principal amount of Notes.
Original post: We’re not sure what’s going on yet, but beleagured lender CIT (CIT) is halted with news pending…
More to come.
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