Rule 424(b)(3)
Registration Statement No. 333-63793
Cusip # 12560MBQ0
PRICING SUPPLEMENT NO. 10,
Dated December 10, 1998, to
Prospectus, dated September 24, 1998 and
Prospectus Supplement, dated September 25, 1998.
THE CIT GROUP, 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. $225,000,000.
Proceeds to Corporation: 99.906% or $224,788,500.
Underwriting Discount: .094%
Issue Price: 100% or $225,000,000.
Original Issue Date: December 15, 1998.
Maturity Date: December 15, 2000.
Interest Rate Per Annum: 5.350%.
Interest Payment Dates: Semi-annually each June 15 and December 15, commencing
June 15, 1999, 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 December 15, 1998.
WARBURG DILLION READ LLC
BARCLAYS CAPITAL
CHASE SECURITIES INC.
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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
September 24, 1998 between the Trustee and The CIT Group, Inc. (the
"Corporation").
UNDERWRITING
Warburg Dillion Read LLC, Barclays Capital Inc. and Chase Securities 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 December 10, 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,
Goldman, Sachs & Co., Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Morgan Stanley & Co. Incorporated, Salomon Smith
Barney Inc. (formerly known as Salomon Brothers Inc), and Warburg Dillon
Read LLC (formerly known as 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
below opposite their names.
Underwriter Principal Amount
Warburg Dillion Read LLC $150,000,000
Barclays Capital Inc. $50,000,000
Chase Securities Inc. $25,000,000
Total $225,000,000
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 they propose 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 they 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.
