Rochester, NY 8/6/2009 7:34:27 PM
Cit Group Inc (Del), CIT - Moves to Boost Bond Payout
CIT GROUP INC (DEL)
CIT GROUP INC (DEL), CIT
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CIT Group Inc. took a small step closer to staving off a bankruptcy-court filing Monday, sweetening the terms of a bond buyback that all but guarantees its success.
CIT boosted the price it is willing to pay for $1 billion of floating-rate notes that mature later this month as part of a tender offer and lowered the hurdle for acceptance to 58% from 90% previously. The lender said almost 65% of bondholders had already agreed to sell their bonds, which mature in August.
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