CIT Announces Consent Solicitations for Canadian Public Debt.Business Editors LIVINGSTON, NJ--(BUSINESS WIRE)--March 2, 2000 The CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group, Inc. (NYSE NYSE See: New York Stock Exchange :CIT; TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CGN CGN Compagnie Générale de Navigation (sur le Lac Léman; French, cruise companie on Lake Geneva, Switzerland) CGN Cancer Genetics Network CGN Guided Missile Cruiser (Nuclear Propulsion) CGN Cyber Gaming Network .U) today announced the commencement of consent solicitations from the holders of CIT Holdings, LLC's Medium Term Notes; 7.625% Debentures Series A due 2001; 6.45% Debentures Series B due 2002; Medium Term Notes (1996 Series); and Medium Term Notes (1997 Series) and from holders of Newcourt Financial Ltd.'s Medium Term Notes (collectively, the "Debt Securities"). The Debt Securities were originally issued by Newcourt Credit Group Inc. and Commcorp Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Inc. Newcourt was acquired by CIT. on November 15, 1999. The liabilities and obligations of Newcourt under the Debt Securities were assumed by CIT Holdings, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control effective as of January 1, 2000 and Newcourt was released from all obligations thereunder. The liabilities and obligations of Commcorp were assumed by Newcourt Financial Ltd. effective as of January 1, 1998. The Debt Securities have the benefit of CIT's unconditional, absolute and irrevocable guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. of payment of principal and interest issued by CIT on November 15, 1999. All beneficial owners of Debt Securities as of February 23, 2000 are being provided a solicitation package describing the proposed amendments to the Debt Securities. CIT is soliciting consents to conform the covenants and events of default in the indentures governing the Debt Securities to those in CIT's current U.S. indenture. This consent would result in more efficient and cost-effective management of CIT's debt which will allow CIT to redirect resources toward the continued growth and high performance of the company. CIT will pay a cash consent fee of C$2.00 per C$1,000 in principal amount of the Debt Securities to all holders of record who consent to the proposed amendment on or prior to March 15, 2000. The consent payment is conditioned upon, among other things, the receipt of consents from holders of at least two-thirds in aggregate principal amount of each series of Debt Securities. The consent solicitation expires at 5:00 p.m., Toronto time, on March 15, 2000. CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. is acting as Solicitation Agent in connection with the consent solicitation. Questions regarding the terms of the consent solicitation may be directed to the Solicitation Agent at (416) 956-3049, Attention: Michael De Santis. CIT is a leading diversified finance company offering commercial financing secured by various types of collateral. CIT has been in business since 1908 and is recognized as a leader in many of the markets it serves. |
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