Rule 424(b)(3)
Registration Statement No. 333-27465
Cusip # 12560M BJ6
PRICING SUPPLEMENT NO. 26,
Dated May 5, 1998, to
Prospectus, dated June 6, 1997 and
Prospectus Supplement, dated June 12, 1997.
THE CIT GROUP, INC.
(formerly The CIT Group Holdings, Inc.)
MEDIUM-TERM FIXED RATE NOTES
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
(X) Senior Note ( ) Senior Subordinated Note
Principal Amount: U.S. $150,000,000.
Proceeds to Corporation: 99.881% or $149,821,500.
Underwriting Discount: 0.054%
Issue Price: 99.935% or $149,902,500.
Original Issue Date: May 8, 1998.
Maturity Date: May 8, 2001.
Interest Rate Per Annum: 6.00%.
Interest Payment Dates: Semi-annually each May 8 and November 8, commencing
November 8, 1998, 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 Notes are offered by the Underwriters, as specified herein, subject to
receipt and acceptance by them and subject to their 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 May 8, 1998.
GOLDMAN, SACHS & CO.
BARCLAYS CAPITAL
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Form: Global Note.
Specified Currency: U.S. Dollars.
Trustee, Registrar, Authenticating and Paying Agent:
Harris Trust & Savings Bank, under the Indenture dated as of May 1, 1994
between the Trustee and The CIT Group, Inc. (formerly The CIT Group
Holdings, Inc.) (the "Corporation").
UNDERWRITING
Goldman, Sachs & Co. and Barclays Capital Inc.(the "Underwriters") are
acting as principals in this transaction.
Subject to the terms and conditions set forth in a Term Sheet and
Agreement dated May 5, 1998 (the "Terms Agreement"), between the
Corporation and the Underwriters, 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 Underwriters,
and the Underwriters have each severally agreed to purchase, the principal
amount of the Notes set forth opposite its name below:
Principal Amount of
Underwriter the Notes
Goldman, Sachs & Co. $125,000,000
Barclays Capital, Inc. $ 25,000,000
Total $150,000,000
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Under the terms and conditions of the Terms Agreement, the Underwriters
are committed to take and pay for all of the Notes, if any are taken.
The Underwriters have advised the Corporation that it proposes to
initially offer the Notes to the public at the Issue Price set forth
above. After the initial public offering, the public offering price
and other terms may be changed from time to time. In connection with
the sale of the Notes, the Underwriters may be deemed to have received
compensation from the Corporation in the form of underwriting
discounts, and the Underwriters may also receive commissions from the
purchasers of the Notes for whom it may act as agent. The Underwriters
and any dealers that participate with the Underwriters 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.
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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
Underwriters that they intend to make a market in the Notes but are 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 Underwriters against
certain liabilities, including liabilities under the Securities Act of
1933, as amended.
