Rule 424(b)(3)
Registration Statement
No. 33-58418
PRICING SUPPLEMENT NO. 14,
Dated March 2, 1994, to
Prospectus, dated March 25, 1993, and Prospectus
Supplement, dated March 25, 1993.
THE CIT GROUP HOLDINGS, INC.
MEDIUM-TERM FLOATING RATE NOTES
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
(X) Senior Note ( ) Senior Subordinated Note
Principal Amount: U.S. $50,000,000.
Proceeds to Corporation: 99.8787%.
Underwriting Discount: 0.1213%.
Issue Price: Variable Price Reoffer, initially at par.
Original Issue Date: March 9, 1994.
Maturity Date: February 28, 1997.
Interest Rate Basis: LIBOR-Telerate.
Index Maturity: One Month.
Spread: +10 basis points.
Initial Interest Rate: LIBOR determined two London
Business Days prior to the Original Issue Date plus
10 basis points.
The Notes are offered by the Underwriter, as specified
herein, subject to receipt and acceptance by it and
subject to its right to reject any order in whole or in
part. It is expected that the Notes will be ready for
delivery in book-entry form on or about March 9, 1994.
UBS SECURITIES INC.
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Specified Currency: U.S. Dollars.
Form: Global Note.
Interest Reset Date: The 28th day of each month,
commencing March 28, 1994, provided that if any such
day is not a Business Day, the Interest Reset Date
will be the next succeeding Business Day, except that
if such Business Day is in the next succeeding
calendar month, such Interest Reset Date will be the
immediately preceding Business Day.
Accrual of Interest: Accrued interest from the Original
Issue Date or from the last date to which interest
has been paid or duly provided for with respect to
any Note will be calculated by multiplying the face
amount of such Note by an accrued Interest Factor.
This accrued Interest Factor will be computed by
adding the Interest Factors calculated for each day
from the Original Issue Date or from the last date to
which interest has been paid or duly provided for up
to the day for which accrued interest is being
calculated. The "Interest Factor" for any Note for
each such day will be computed by dividing the
interest rate applicable to such day by 360.
Interest Payment Dates: The 28th day of each month,
commencing March 28, 1994, provided that if any such
day is not a Business Day, the Interest Payment Date
will be the next succeeding Business Day, except that
if such Business Day is in the next succeeding
calendar month, such Interest Payment Date will be
the immediately preceding Business Day.
Interest payments will include the amount of interest
accrued from and including the most recent Interest
Payment Date to which interest has been paid (or from
and including the Original Issue Date) to but
excluding the applicable Interest Payment Date.
Interest Determination Date: Two London Business Days
prior to each Interest Reset Date.
Calculation Date: The earlier of (a) the Business Day
immediately preceding the applicable Interest Payment
Date or the date on which the Note will mature, or
(b) the tenth calendar day after an Interest
Determination Date, provided such day is a Business
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Day, or, if such day is not a Business Day, the next
succeeding Business Day.
Maximum Interest Rate: Not applicable.
Minimum Interest Rate: Not applicable.
Other Provisions:
"LIBOR-Telerate" means the rate for deposits in U.S.
dollars having the Index Maturity specified above
which appears on the Telerate Page 3750 (defined
below) as of 11:00 a.m., London time, on the
applicable Interest Determination Date.
"Telerate Page 3750" means the display page
designated as page 3750 on the Dow Jones Telerate
Service (or such other page as may replace page 3750
on that service for the purpose of displaying London
interbank offered rates).
"London Business Day" means any day on which dealings
in U.S. dollars are transacted in the London
interbank market.
Trustee, Registrar, Authenticating and Paying Agent:
BankAmerica Trust Company of New York, under
Indenture dated as of July 31, 1992 between the
Trustee and the Corporation.
UNDERWRITING
UBS Securities Inc. (the "Underwriter"), is acting as
principal in this transaction.
Subject to the terms and conditions set forth in a
Terms Agreement dated March 2, 1994 (the "Terms
Agreement"), between the Corporation and the
Underwriter, and a Selling Agency Agreement, dated
March 25, 1993, between the Corporation and Merrill
Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, The First Boston Corporation, Goldman,
Sachs & Co., Morgan Stanley & Co. Incorporated,
Shearson Lehman Brothers Inc. (currently known as
Lehman Brothers Inc.), and UBS Securities Inc., the
Corporation has agreed to sell to the Underwriter,
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and the Underwriter has agreed to purchase,
$50,000,000 principal amount of the Notes.
Under the terms and conditions of the Terms
Agreement, the Underwriter is committed to take and
pay for all of the Notes, if any are taken.
The Underwriter has advised the Corporation that it
proposes to offer the Notes for sale from time to
time in one or more transactions (which may include
block transactions), in negotiated transactions or
otherwise, or a combination of such methods of sale,
at market prices prevailing at the time of sale, at
prices related to such prevailing market prices or at
negotiated prices. The Underwriter may effect such
transactions by selling the Notes to or through
dealers, and such dealers may receive compensation in
the form of underwriting discounts, concessions or
commissions from the Underwriter and/or the
purchasers of the Notes for whom they may act as
agent. In connection with the sale of the Notes, the
Underwriter may be deemed to have received
compensation from the Corporation in the form of
underwriting discounts, and the Underwriter may also
receive commissions from the purchasers of the Notes
for whom they may act as agent. The Underwriter and
any dealers that participate with the Underwriter in
the distribution of the Notes may be deemed to be
underwriters, and any discounts or commissions
received by them and any profit on the resale of the
Notes by them may be deemed to be underwriting
discounts or commissions.
The Notes are a new issue of securities with no
established trading market. The Corporation
currently has no intention to list the Notes on any
securities exchange. The Corporation has been
advised by the Underwriter that it intends to make a
market in the Notes but is not obligated to do so and
may discontinue any market making at any time without
notice. No assurance can be given as to the
liquidity of the trading market for the Notes.
The Corporation has agreed to indemnify the
Underwriter against certain liabilities, including
liabilities under the Securities Act of 1933, as
amended.
