SAN FRANCISCO — CIT Group said Monday that plans to repay $750 million of “high cost” debt. CIT’s Board of Directors authorized
the voluntary prepayment of $750 million on CIT’s $7.5 billion first lien credit facility. “The company will prepay this high
cost debt out of its available holding company cash position, which is in excess of $5 billion,” CIT said in a statement.
The repayment will be made on Feb. 9 on a pro rata basis among outstanding tranches and will be subject to the applicable
2% payment premium, the lender added.