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CIT Borrows $7.3 Billion to Repay Debt

Thursday , March 20, 2008 18:33ET

By Staff Reporter
NEW YORK, Mar 21, 2008 (AP via COMTEX) -- CIT Group Inc. maxed out its credit lines and plans to sell billions of dollars in loans because the lender is having trouble raising money in tumultuous markets, the company said Thursday.

The New York-based lender tapped its credit lines with 40 banks to borrow $7.3 billion, saying it is vital to hoard cash because of skittishness in the lending market.

CIT Group expects to sell billions of dollars in loans and some of its businesses, and is trying to find a partner to help raise money.

The company, which has a $62.5 billion loan portfolio, said because of turbulent markets it decided to shrink itself and shield its portfolio from reliance on dicier financing markets.