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 CIT Bank expects to accept for payment all Notes validly tendered and not validly withdrawn in the tender offer and expects to make payment for the Notes on June 4, 2020.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.
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
[email protected]
INVESTOR RELATIONS:
Barbara Callahan
(973) 740-5058
[email protected]
SOURCE CIT Group Inc.
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