THIS DOCUMENT CONSTITUTES THE PRICING SUPPLEMENT RELATING TO THE ISSUE OF NOTES
DESCRIBED HEREIN. THIS PRICING SUPPLEMENT IS SUPPLEMENTAL TO AND MUST BE READ IN
CONJUNCTION WITH THE ACCOMPANYING PROSPECTUS SUPPLEMENT AND PROSPECTUS.
Rule 424(b)(3)
Registration Statement Nos. 333-98743 and 333-103966
Common Code 018094487;
ISIN XS0180944877
PRICING SUPPLEMENT NO. 7
Dated November 14, 2003 to
Prospectus, dated May 9, 2003 and
Prospectus Supplement, dated May 9, 2003.
[LOGO]
CIT GROUP INC.
`L'200,000,000 5.50% SENIOR NOTES
DUE DECEMBER 15, 2008
Joint Lead Managers
BARCLAYS CAPITAL HSBC THE ROYAL BANK OF SCOTLAND
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GOLDMAN, SACHS & CO.
MORGAN STANLEY
RBC CAPITAL MARKETS
UBS INVESTMENT BANK
(X) Senior Note ( ) Senior Subordinated Note
PRINCIPAL AMOUNT: `L'200,000,000.
PROCEEDS TO CORPORATION: 99.393% or `L'198,786,000.
UNDERWRITERS' COMMISSION: 0.350% or `L'700,000.
ISSUE PRICE: 99.743% or `L'199,486,000.
ORIGINAL ISSUE DATE: November 26, 2003.
MATURITY DATE: December 15, 2008, provided that if such day is not a
Business Day, the payment of principal and interest may be
made on the next succeeding Business Day, and no interest on
such payment will accrue for the period from and after the
Maturity Date.
BUSINESS DAY: Any day other than a Saturday or Sunday that is neither a
legal holiday nor a day on which banking institutions are
authorized or required by law or regulation (including any
executive order) to close in either the City of New York or
the City of London.
INTEREST RATE: The notes will bear interest at an annual rate of 5.50%.
SPECIFIED CURRENCY: Pounds Sterling (`L').
DENOMINATIONS: `L'1,000, `L'10,000 and `L'100,000.
DELIVERY: The notes are expected to be delivered to purchasers through
Clearstream and Euroclear, as the case may be, on or about
November 26, 2003.
FORM: Global Note.
INTEREST PAYMENT DATES: Interest will be paid at maturity, upon earlier tax
redemption (to the extent provided in the prospectus
supplement) and semi-annually on June 15 and December 15 of
each year, commencing June 15, 2004, provided that if any
such day is not a Business Day, the Interest Payment Date
will be the next succeeding Business Day.
CALCULATION OF INTEREST: Interest will be calculated on the basis of the
"Actual/Actual (ISMA)" Fixed Day Count Convention as set
forth in Rule 251 of the statutes, bylaws, rules and
recommendations of the International Securities Market
Association (ISMA) as published in April 1999.
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ACCRUAL OF INTEREST: Interest payments will include the amount of interest
accrued from and including the most recent Interest Payment
Date to which interest has been paid (or from and including
the Original Issue Date) to but excluding the applicable
Interest Payment Date.
EXCHANGE LISTING: Luxembourg Stock Exchange.
TRUSTEE, REGISTRAR AND
AUTHENTICATING AGENT: Bank One Trust Company, N.A.
LONDON PAYING AGENT: Bank One NA, London Branch.
COMMON CODE: 018094487
ISIN: XS0180944877
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PLAN OF DISTRIBUTION
We have entered into a terms agreement, dated as of November 14, 2003, with
the Underwriters named below for whom Barclays Bank PLC, HSBC Bank plc and The
Royal Bank of Scotland plc are acting as representatives. Subject to the terms
and conditions set forth in the terms agreement, we have agreed to sell to each
of the underwriters, and each of the underwriters has severally agreed to
purchase, the principal amount of the notes set forth opposite its name below:
PRINCIPAL
UNDERWRITERS OF NOTES AMOUNT
--------------------- ------
Barclays Bank PLC .......................................... `L' 60,000,000
HSBC Bank plc .............................................. 60,000,000
The Royal Bank of Scotland plc.............................. 60,000,000
Goldman, Sachs & Co......................................... 5,000,000
Morgan Stanley & Co. Incorporated........................... 5,000,000
Royal Bank of Canada Europe Limited......................... 5,000,000
UBS Securities LLC.......................................... 5,000,000
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Total................................................... `L'200,000,000
============
We have been advised by the Underwriters that they propose initially to
offer the notes to the public at the public offering price set forth on the
cover page of this pricing supplement, and to certain dealers at a price less a
concession not in excess of 0.35% of the principal amount of the notes. The
Underwriters may allow, and these dealers may reallow, a concession to certain
other dealers not in excess of 0.35% of the principal amount of the notes. After
the initial public offering, the public offering price and these concessions may
be changed from time to time.
Although application has been made to list the notes on the Luxembourg Stock
Exchange, the notes are a new issue of securities with no established trading
market. The Underwriters have advised us that they intend to make a market in
the notes, but the Underwriters are not obligated to do so and may discontinue
any market making at any time without notice. The trading market for the notes
may not be liquid.
The terms agreement provides that the obligations of the Underwriters are
subject to certain conditions precedent and that the Underwriters will purchase
all the notes if any are purchased.
In connection with this offering, some or all of the Underwriters and their
respective affiliates may engage in transactions that stabilize, maintain, or
otherwise affect the market price of the notes. Those transactions may include
stabilization transactions effected in accordance with Rule 104 of Regulation M
under the Securities Exchange Act of 1934, pursuant to which those Underwriters
and affiliates may bid for or purchase notes for the purpose of stabilizing the
market price. The Underwriters also may create a short position for the account
of the Underwriters by selling more notes in connection with this offering than
they are committed to purchase from us. In that case, the Underwriters may
purchase notes in the open market following completion of this offering to cover
their short position. Any of the transactions described in this paragraph may
result in the maintenance of the price of the notes at a level above that which
might otherwise prevail in the open market. None of the transactions described
in this paragraph is required, and, if they are undertaken, they may be
discontinued at any time.
Some or all of the Underwriters or their affiliates have provided and will
in the future continue to provide banking and/or other financial services to CIT
and its subsidiaries.
The terms agreement provides that CIT will indemnify the Underwriters
against certain liabilities, including liabilities under the Securities Act of
1933, or contribute to payments the Underwriters may be required to make in
respect thereof.
We accept responsibility for the information contained in this pricing
supplement.
Signed on behalf of CIT Group Inc.:
By: /s/ GLENN A. VOTEK
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DULY AUTHORIZED
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STATEMENT OF DIFFERENCES
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The British pound sterling sign shall be expressed as................... 'L'