CIT Obtains Additional $4.5 Billion in Financing
October 28, 2009 01:12 PM Eastern Daylight Time
CIT Obtains Additional $4.5 Billion in Financing Through Expansion of Existing Secured Credit Facility
Addresses Unfunded Financing Proposal from Carl Icahn
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it has expanded its current $3 billion senior secured credit facility by an additional $4.5 billion. The new $4.5 billion tranche, which is being provided by a diverse group of lenders, including many of the Company’s bondholders, will be secured by substantially the same assets as the existing $3 billion tranche and any additional collateral that becomes available as a result of the Company’s refinancing of certain existing secured credit facilities.
“We believe this secured financing will serve the best interests of all stakeholders and will allow us to better position CIT for the future,” said Jeffrey M. Peek, Chairman and CEO. “This expanded credit facility will allow us to continue to serve our existing small business and middle market customers as we advance our restructuring plan.”
