CIT Takes Liquidity Action

NEW YORK — CIT Group Inc., a global commercial finance company, today announced that it is drawing upon its $7.3 billion in unsecured U.S. bank credit facilities. The Company will use the proceeds to repay debt maturing in 2008, including commercial paper, and provide financing to its core commercial franchises. Over the near term, the Company will continue to actively seek additional funding sources, as well as explore and execute on the sale of non-strategic assets and/or business lines.

“Our decision today is a result of the protracted disruption in the capital markets as well as recent actions by the rating agencies,” said Jeffrey M. Peek, Chairman and CEO. “It provides us with added flexibility and ensures that our clients have the financing they need to operate and grow their businesses successfully. We are actively positioning CIT to maximize value by optimizing our business portfolio and sizing our company to market conditions.”

CIT will host a conference call at 4 p.m. EDT on Thursday, March 20.

Source: CIT

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