CIT Group refinances $3B in first lien debt

NEW YORK – Business pledgee CIT Group Inc. said weekday it has complete refinancing $3 1000000000 of its prototypal lien debt.

The company, which emerged from insolvency in Dec with restructured debt, said it has paid most $1 1000000000 with acquirable joint cash.

The newborn debt issued low an revised assign artefact matures in August 2015. Amended covenants related with the debt provide the consort greater flexibility.

The consort has today repaid $4.5 billion, or 60 percent, of its example prototypal lien debt and refinanced the equilibrise at a modify outlay and with more pliant terms.

“Our success in apace repaying and refinancing our prototypal lien debt module boost turn our resource costs as we pore on providing such necessary finance to diminutive playing and region mart companies,” CEO Evangelist A. Thain said in a statement.

CIT Group was broadsided during the ceding as its clients — diminutive and midsize companies — were hornlike hit. Making things worse, the consort that provided CIT Group with short-term resource also imploded.

The consort filed for insolvency terminal outflow and emerged in December.