CIT Group Inc. (NYSE:CIT) – Today’s First Hour Active Mover
CIT Group Inc. (NYSE:CIT) – Today’s First Hour Active Mover
Dallas, TX - WePickPennyStocks.com is pleased to alert investors of stocks on the move.
CIT (NYSE:CIT) shares jumped 97% in pre-open trade as investors breathed a sigh of relief that bankruptcy appeared off the table for the time being.
The deal is a pricey one, as CIT is said to be paying 10.5% for the funds, which should enable the troubled small- and medium-sized business lender to meet obligations on about $1 billion in debt coming due in August, the Wall Street journal reported on Monday.
The deal will also benefit bondholders, who, while putting in more money and taking more risk, would have lost more if they had forced a desperate sale of assets.
According to the Journal, six of CIT's largest bondholders -- including Pacific Investment Management Co., Oaktree Capital, Silver Point Capital, and Centerbridge Partners -- agreed to the proposal, which would see investors providing $3 billion in funds and committing to other steps to help strengthen CIT's financial position.
After touching an intraday high of $1.44 in an opening trade, the Stock is currently trading at $1.38 moved up about 97% on over 144 million shares. In the last 52-week, the stock has been trading within a range of $0.31-$13.00.
About CIT Group Inc.
CIT Group Inc. (CIT) is a bank holding company, which provides commercial financing and leasing products, and management advisory services to clients in a variety of industries. CIT bank is its primary bank subsidiary. It serves clients in a variety of industries, including transportation, aerospace and rail, manufacturing, wholesaling, retailing, healthcare, communications, media and entertainment, and various service-related industries. The Company’s products include asset-based loans, secured lines of credit, leases (operating, finance and leveraged), vendor finance programs, import and export financing, debtor-in-possession/turnaround financing, acquisition and expansion financing, letters of credit/trade acceptances structuring and small business loans. The Company operates through five business segments: Corporate Finance, Transportation Finance, Trade Finance, Vendor Finance and Consumer.
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