CIT to prepay $750 million of debt

CIT Group announced that its Board of Directors has authorized the voluntary prepayment of $750 million on its $7.5 billion first lien credit facility. The Company will prepay this high cost debt out of its available holding company cash position, which is in excess of $5 billion. The repayment will be made on February 9, 2010 on a pro rata basis among outstanding tranches and will be subject to the applicable 2% payment premium.