DALLAS, Nov. 12, 2010 (GLOBE NEWSWIRE) -- MicroStockProfit.com announces an investment report featuring CIT Group Inc. (NYSE:CIT). The report includes financial, comparative and investment analyses, and industry information you need to know to make an educated investment decision.
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CIT Group Inc. (CIT) operates as the holding company for CIT bank that provides commercial financing, leasing products, and other services to small and middle market businesses. It provides a combination of relationship, intellectual and financial capital to its customers worldwide. The Company 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. It operates in five segments: Corporate Finance, Transportation Finance, Trade Finance, Vendor Finance and Consumer Finance.
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In the report, the analyst notes:
"CIT on Wednesday said it will redeem $752 million of its second-lien notes, cutting the high-cost debt left from its bankruptcy last year. CIT filed for bankruptcy in November of 2009, only to emerge from it a month later. It intends to complete the redemption of the 10.25% notes on January 4, 2011."
"The redemption of all our Series B Notes is another milestone in our post-restructuring efforts," said CIT chairman and CEO John A. Thain. "Once complete, we will have extinguished more than $6.5 billion of high cost debt over a twelve month period."
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