CIT Prepays $500M of Senior Loans
- CIT Group Swings to Loss On Steep Prepayment Costs. // American Banker;10/26/2011, Vol. 176 Issue 165, p16
The article discusses the financial performance of CIT Group Inc., which reported a third-quarter 2011 loss of $16.3 million, and the corporate lender's efforts to reduce high-cost debt.
- A Different Flavor of DIP Loan. Rozens, Aleksanders // High Yield Report;11/16/2009, Vol. 20 Issue 46, p9
The article reveals that CIT Group adopted a different kind of debtor-in-possession (DIP) loan structure when it filed for bankruptcy protection in New York. In a bid to shed 10 billion U.S. dollars of debt with its bankruptcy, DIP will be used by CIT to provide credit to other companies....
- Thain Has CIT Debt Trading At Investment-Grade Level. // American Banker;8/21/2012, Vol. 177 Issue 129, p16
The article focuses on CIT Group Inc., a commercial lender that completed bankruptcy reorganization, reduced its long-term debt by $10.5 billion, and sold $2 billion of bonds in May 2012. Chief executive officer John Thain said in a press release that CIT plans to retire its series C, seven...
- Subprime loan write-down sends CIT Group reeling. Elstein, Aaron // Crain's New York Business;7/23/2007, Vol. 23 Issue 30, p4
The article presents information on the poor performance of CIT Group Inc.'s stocks due to downfall in subprime loan rates in the U.S. CIT Group lends money to companies and consumers. Its stock plunged 11 percent in a single day after the company shocked the market by posting a second-quarter...
- Geithner: Government Can Handle CIT. // American Banker;7/14/2009, Vol. 174 Issue 133, p12
This article discusses statements by U.S. Treasury Secretary Timothy Geithner regarding financial conditions at the small business lender CIT Group Inc. The possibility of using money from the Troubled Asset Relief Program to back debt sales intended to prevent CIT's failure is considered....
- Promising IPO gets slow start as CIT investors borrow trouble. Birger, Jon // Crain's New York Business;12/01/97, Vol. 13 Issue 48, p4
Reports that Manhattan-based CIT Group Incorporated wants to have an initial public offering in 1997. Background information on the company; How investors feel about the company's decision to have an initial public offering.
- Time to Hunker Down. Peak, Martha H. // Management Review;Jul90, Vol. 79 Issue 7, p1
Comments on the increasing corporate debt in the U.S. in the 1990s. High level of corporate interest payments for loans; Need for the financial community to learn prudence.
- CIT Looks to Deals For Bank Deposits. // American Banker;6/15/2012, Vol. 177 Issue F323, p10
The article reports the commercial lender CIT Group's turnaround plan is focused on reducing funding costs and acquiring bank deposits, according to CIT's chief executive officer John Thain.
- CIT Reports Profit, Talks with FDIC. Horwitz, Jeff // American Banker;7/28/2010, Vol. 175 Issue 115, p2
Brief information is given about the financial performance of CIT Group Inc. which reported a profitable quarter on July 27, 2010 and plans to restructure its debt.