CIT Amends Tender Offer
New York–based CIT Group Inc. announced an amendment to its pending tender officer for its $1 billion in floating rate senior notes, which are due on Aug. 17.According to the company, holders of all notes tendered before the Aug. 17 expiration date will receive an amended purchase price of $875 in cash per $1,000 principal amount of notes. (Previously, the purchase price was $825 per $1,000 principal amount of notes.) The financial services company also announced it has reduced the minimum tender condition to 58 percent of the notes. (According to a company statement, as of end of day on July 31, CIT had received tenders for 64.97 percent of the notes.) Plus, the withdrawal deadline for the offer has been extended until midnight on Aug. 5, the company said. All other terms of the offer remain unchanged, according to the terms and conditions in the July 20 offer to purchase and the July 23 supplement. Morgan Stanley & Co. Inc. and BofA Merrill Lynch are the dealer managers for the offer. D.F. King & Co. Inc. is the depositary and information agent, according to CIT.“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 chief executive officer, in a statement. —Alison A. Nieder
