Rule 424(b)(3)
Registration Statement
No. 33-58418
PRICING SUPPLEMENT NO. 15,
Dated March 8, 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. $56,000,000.
Proceeds to Corporation: 99.90%.
Agent's Fee: 0.10%.
Issue Price: 100%.
Original Issue Date: March 15, 1994.
Maturity Date: March 15, 1997, provided that if such day is
not a Business Day, the payment of principal and interest
may be made on the next succeeding Business Day, and no
interest on such payment will accrue for the period from
and after the Maturity Date.
Interest Rate Basis: LIBOR-Telerate.
Index Maturity: Three months.
Interest Rate Calculation:
(a) From and including Original Issue Date to and
including March 14, 1995, LIBOR plus 10 basis points;
(b) From and including March 15, 1995 to and including
March 14, 1996, the lesser of (i) LIBOR plus 10 basis
points or (ii) 18.85% minus (LIBOR multiplied by
two); and
(c) From and including March 15, 1996 to and including
March 14, 1997, the lesser of (i) LIBOR plus 10 basis
points or (ii) 21.85% minus (LIBOR multiplied by
two).
THE FIRST NATIONAL BANK OF CHICAGO
<PAGE>
Initial Interest Rate: LIBOR determined two London
Business Days prior to the Original Issue Date plus 10
basis points.
Specified Currency: U.S. Dollars.
Form: Global Note.
Interest Reset Date: The 15th day of each March, June,
September, and December, commencing June 15, 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 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 Payment Dates: The 15th day of each March, June,
September, and December, commencing June 15, 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 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
<PAGE>
tenth calendar day after an Interest Determination Date,
provided such day is a Business Day, or, if such day is
not a Business Day, the next succeeding Business Day.
Maximum Interest Rate: Not applicable.
Minimum Interest Rate: 0.00%.
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:
Harris Trust and Savings Bank, under Indenture dated as of
July 16, 1990, between the Trustee and the Corporation.
PLAN OF DISTRIBUTION
The First National Bank of Chicago (the "Agent"), is
acting as agent in this transaction, subject to the terms
and conditions set forth in a Letter Agreement dated March
8, 1994 between the Corporation and the Agent, which
incorporates by reference the 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., including the Administrative
Procedures annexed thereto.
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.
<PAGE>
The Corporation has been advised by the Agent that the
Agent does not intend to make a market in the Notes. No
assurance can be given as to the liquidity of the trading
market for the Notes.
The Corporation has agreed to indemnify the Agent against
certain liabilities, including liabilities under the
Securities Act of 1933, as amended.
