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Slideshow Preferred Stock Offerings

By Ru Back Packer Staff, updated Thursday, February 1, 7:50 AM

Slide #57. CIT Group Inc. Preferred Stock Offering

Company: CIT Group Inc. (NYSE:CIT)
Date announced: 5/31/2017
Shares Offered: 325,000
Date of Pricing: 5/31/2017
Price Per Share: $1,000.00
Preferred Stock Offering Details: CIT Group Inc. (NYSE: CIT) (the "Company") today announced the pricing of its public offering of 325,000 shares of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred Stock") at a public offering price of $1,000 per share. Dividends on the Series A Preferred Stock will accrue and be payable at a fixed rate per annum equal to 5.80% from the original issue date to, but excluding, June 15, 2022 semi-annually in arrears, and thereafter at a floating rate per annum equal to the three-month LIBOR on the related dividend determination date plus a spread of 3.972% per annum quarterly in arrears beginning on September 15, 2022. CIT expects the offering to settle on June 7, 2017, subject to customary closing conditions. CIT plans to use the net proceeds for general corporate purposes, including returning capital to its shareholders.

CIT Group is a bank and financial holding company. Through its subsidiaries, Co. provides financing, leasing and advisory services to middle-market companies, including to the transportation industry, and equipment financing and leasing solutions to a variety of industries in North America. Co. provides banking and related services to commercial and individual customers through its bank subsidiary, CIT Bank, N.A. in southern California; and its online bank, bankoncit.com. Co.'s principal product and services include account receivables collection, asset-based loans, credit protection and deposits. As of Dec 31 2016, Co. had total assets of $64.17 billion and deposits of $32.30 billion.
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Name: CIT Group Inc
Website: cit.com
Sector: Banking & Savings
Number of ETFs Holding CIT: 51 (see which ones)
Total Market Value Held by ETFs: $712,295,097
Total Market Capitalization: $6,745,000,000
% of Market Cap. Held by ETFs: 10.56%

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