CIT Closes Over $4 Billion in Syndicated Bank Facilities Arranged by J.P. Morgan and Royal Bank of Canada.Business Editors LIVINGSTON, N.J.--(BUSINESS WIRE)--April 2, 2001 CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. (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). :CIT.U), a leading global source of financing and leasing capital, announced today that it has completed over $4 billion in syndicated bank facilities to provide liquidity support for its domestic and international commercial paper programs. The US$3.72 billion and C$500 million 364-day facilities serve principally as back up sources of liquidity and are effective from March 27, 2001 through March 26, 2002. CIT received over $4.6 billion in commitments from a group comprised of over 30 banks. JP Morgan, a division of Chase Securities Inc., led the US dollar facility. Syndication agents were Barclays Bank PLC, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , N.A., Citibank, N.A. and The Dai-Ichi Kangyo Bank The Dai-Ichi Kangyo Bank, Limited (株式会社第一勧業銀行 , Limited. The Canadian dollar facility was led by Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. , with Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce TSX: CM NYSE: CM, better known to most customers as CIBC, is one of Canada's major banks. CIBC is classified as a Domestic Chartered Bank (Schedule I). and The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. of Canada serving as syndication agents. "This is an integral element of our strategy to maintain deep and diverse sources of liquidity to support our growing business," said Glenn Votek, CIT Treasurer. "The success of the bank syndication demonstrates both the strength of our franchises and the strength of our banking relationships." About CIT CIT is a leading, global source of financing and leasing capital and an advisor for companies in more than 30 industries. Managing more than $50 billion in assets across a diversified portfolio, CIT is the trusted financial engine empowering many of today's industry leaders and emerging businesses, offering vendor, equipment, commercial, factoring, consumer and structured financing capabilities. Founded in 1908, CIT operates extensively in the United States and Canada with strategic locations in Europe, Latin and South America, and the Pacific Rim. For more information on CIT, visit the Web site at www.cit.com. Forward-Looking Statements: Certain statements contained in this document are forward-looking statements concerning our future earnings, financial condition and operations. These statements involve risks and uncertainties that may be difficult to predict. Forward-looking statements are based upon management's estimates of future economic conditions, fair values and future costs, using currently available information. Therefore, actual results may differ materially from those expressed or implied in those statements, due to various risks and uncertainties identified more fully in our 1999 Form 10-K. |
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