Rule 424(b)(3)
Registration Statement
No. 33-64309
PRICING SUPPLEMENT NO. 27,
Dated April 29, 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. $100,000,000.
Proceeds to Corporation: 99.733% or $99,733,000.
Underwriting Discount: 0.162%
Issue Price: 99.895%.
Original Issue Date: May 2, 1997.
Maturity Date: May 2, 2000.
Interest Rate Per Annum: 6.700%.
Interest Payment Dates: Each May 2 and November 2, commencing November 2, 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 May 2, 1997.
LEHMAN BROTHERS
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Form: Global Note.
Specified Currency: U.S. Dollars.
Trustee, Registrar, Authenticating and Paying Agent:
Harris Trust & Savings Bank, under Indenture dated as of May 1, 1994
between the Trustee and The CIT Group Holdings, Inc. ("the
Corporation").
UNDERWRITING
Lehman Brothers Inc. ( the "Underwriter") is acting as principal in
this transaction.
Subject to the terms and conditions set forth in a Term Sheet and
Agreement dated April 29, 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., Credit Suisse First Boston Corporation
(formerly known as 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, $100,000,000
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 .125% 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 .063% 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.
<PAGE>
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.
