CIT Announces Continued Progress in Reducing Funding Costs

CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it successfully refinanced $3 billion of its first lien debt and prepaid the approximate $1 billion balance of such debt with available corporate cash. The new $3 billion of first lien debt issued under the amended credit facility matures in August 2015 and carries an interest rate of LIBOR + 4.50% with a 1.75% LIBOR floor. In conjunction with the refinancing, certain existing covenants associated with the first lien debt were also amended, providing the Company with greater flexibility.

The Company has now repaid $4.5 billion, or 60%, of its original first lien debt and refinanced the balance at a lower cost and with more flexible terms.

“Our success in quickly repaying and refinancing our first lien debt will further reduce our funding costs as we focus on providing much needed financing to small business and middle market companies,” said John A. Thain, Chairman and Chief Executive Officer.

Banc of America Securities LLC, Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding, Inc. served as joint lead arrangers and joint bookrunners on the refinancing transaction. Bank of America, N.A. will continue to serve as Administrative Agent and Collateral Agent under the first lien credit facility.

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About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $40 billion in finance and leasing assets. It provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. www.cit.com