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CIT Seeks $3B Term Loan Led by Bank of America to Cut Costs
 
Wednesday, July 28, 2010
CIT Group will meet with lenders this week to arrange $3 billion of first lien debt as CEO John A. Thain seeks to reduce costs on some of its loans by almost 50%. Bank of America, Deutsche Bank and Morgan Stanley will hold a meeting July 29 in New York to market the five-year loan, Bloomberg reported.

Initial price guidance on the proposed debt is five percentage points more than the London interbank offered rate, with a 1.75% LIBOR floor, said the people, who declined to be identified because the terms are private. CIT, which posted its second straight quarterly profit since exiting Chapter 11 protection, needs to lower its cost of funding after arranging the previous loan last year at rates as high as 13% to avoid collapse.

Click here to read this story in its entirety at Bloomberg.com



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