Rule 424(b)(3)
Registration Statement
No. 33-64309
PRICING SUPPLEMENT NO. 25,
Dated March 18, 1997, to
Prospectus, dated May 13, 1996 and
Prospectus Supplement, dated May 15, 1996.
THE CIT GROUP HOLDINGS, INC.
MEDIUM-TERM FIXED RATE NOTE
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
(X) Senior Note ( ) Senior Subordinated Note
Principal Amount: U.S. $200,000,000.
Proceeds to Corporation: 99.7404% or $199,480,800.
Underwriting Discount: .1346%.
Issue Price: 99.875%.
Original Issue Date: March 21, 1997.
Maturity Date: March 22, 1999.
Interest Rate Per Annum: 6.250%.
Interest Payment Dates: Each March 22 and September 22, commencing September 22,
1997, provided that if any such day is not a Business Day, the payment will be
made on the next succeeding Business Day as if it were made on the date such
payment was due, and no interest will accrue on the amount payable for the
period from and after such Interest Payment Date or the Maturity Date, as the
case may be.
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.
The Note is 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 Note will be ready for delivery in book-entry form
on or about March 21, 1997.
UBS SECURITIES LLC
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Form: Global Note.
Specified Currency: U.S. Dollars.
Trustee, Registrar, Authenticating and Paying Agent:
The First National Bank of Chicago, under Indenture dated as of May 1,
1994 between the Trustee and the Corporation.
UNDERWRITING
UBS Securities LLC ( the "Underwriter") is acting as principal in this
transaction.
Subject to the terms and conditions set forth in a Term Sheet and
Agreement dated March 18, 1997 (the "Terms Agreement"), between the
Corporation and the Underwriter, incorporating the terms of a Selling
Agency Agreement dated May 15, 1996, between the Corporation and Lehman
Brothers, Lehman Brothers Inc., CS First Boston Corporation, Goldman,
Sachs & Co., Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Morgan Stanley & Co. Incorporated, Salomon Brothers Inc, and
UBS Securities LLC, the Corporation has agreed to sell to the Underwriter,
and the Underwriter has agreed to purchase, $200,000,000 aggregate
principal amount of the Note.
Under the terms and conditions of the Terms Agreement, the Underwriter is
committed to take and pay for all of the Note, if any are taken.
The Underwriter has advised the Corporation that it proposes to initially
offer the Note to the public at the Issue Price set forth above, and to
certain dealers at such price less a concession not in excess of .10% of
the principal amount of the Note, and the Underwriter may allow, and such
dealers may reallow, a concession to certain other dealers not in excess
of .05% of such principal amount. After the initial public offering, the
public offering price and such concessions may be changed from time to
time. In connection with the sale of the Note, 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 Note for whom it may act as agent. The
Underwriter and any dealers that participate with the Underwriter in the
distribution of the Note may be deemed to be underwriters, and any
discounts or commissions received by them and any profit on the resale of
the Note by them may be deemed to be underwriting discounts or
commissions.
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The Note is a new issue of securities with no established trading market.
The Corporation currently has no intention to list the Note on any
securities exchange. The Corporation has been advised by the Underwriter
that it intends to make a market in the Note 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
Note.
The Corporation has agreed to indemnify the Underwriter against certain
liabilities, including liabilities under the Securities Act of 1933, as
amended.
