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BRIEF-CIT Group enters into fourth amended and restated confirmation with Goldman Sachs International
December 7, 2016 / 12:04 PM / 9 months ago

BRIEF-CIT Group enters into fourth amended and restated confirmation with Goldman Sachs International

Dec 7 (Reuters) - CIT Group Inc -

* On December 7, co's unit entered into a fourth amended and restated confirmation with Goldman Sachs International - SEC filing

* Fourth amended and restated confirmation to terminate $1.5 billion total return swap facility

* Under termination agreement, Canadian TRS facility will terminate on March 31, 2017, or such earlier date designated by CFL

* Company expects the termination agreement to have a minimal impact on its available liquidity

* Redemption will cause Canadian TRS facility to become fully unutilized

* Due to release of counterparty receivable held by GSI, expects termination agreement to have minimal impact on available liquidity

* CIT will redeem commercial aircraft securitization transaction currently utilized as a reference obligation in canadian TRS facility

* Due to termination agreement, unsecured counterparty receivable held by gsi under canadian trs facility will be released

* Termination agreement requires payment by CFL to GSI on Dec 7,of present value of remaining facility fee in amount of about $280 million

* Company and its board of directors have decided to terminate Canadian TRS facility

* Termination fee will result in a net pretax charge for company of approximately $245 million in q4 of 2016 Source text: [bit.ly/2hgnL8g] Further company coverage:

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