Sources: CIT aims to arrange a $3B, 5-year loan to reduce costs:

07/27/2010 | Bloomberg

CIT Group scheduled a meeting Thursday with lenders to secure a $3 billion, five-year loan that would reduce borrowing costs by almost 50%, sources said. Bank of America, Deutsche Bank and Morgan Stanley are expected to market the loan. The debt would be 5 percentage points more than the London Interbank Offered Rate, with a Libor floor of 1.75%, the sources said.

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