CIT Group Extends Credit Facility By $4.5B

By Tina Peng

Law360, New York (October 28, 2009, 6:22 PM ET) -- Business lender CIT Group Inc. has announced that it has extended its $3 billion senior secured credit facility by an additional $4.5 billion.

The new $4.5 billion loan, provided by lenders including many of the company's bondholders, will be secured by “substantially the same assets” as the existing $3 billion one and any additional collateral that becomes available as a result of CIT's refinancing certain existing secured credit facilities, the company said in a Wednesday statement.

It will mature in January 2012 and includes an option...
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