CIT Group Extends Credit Facility By $4.5B

Law360, New York (October 28, 2009, 6:22 PM EDT) -- 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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.