Rule 424(b)(3)
Registration Statement No.333-27465
Cusip # 12560MBN7
PRICING SUPPLEMENT NO. 36,
Dated September 23, 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 FLOATING RATE NOTES
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: 100% or $200,000,000.
Issue Price: Variable Price Reoffer.
Specified Currency: U.S. Dollars.
Original Issue Date: September 28, 1998.
Maturity Date: September 28, 1999.
Interest Rate Basis: Prime Rate.
Spread: -290 basis points.
Initial Interest Rate: The Prime Rate determined one Business Day prior to the
Original Issue Date minus 290 basis points.
The Notes are 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 Notes will be ready for delivery in
book-entry form on or about September 28, 1998.
GOLDMAN, SACHS & CO.
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Form: Global Note.
Interest Reset Date: Each Business Day to but excluding the Maturity Date.
Rate Cut-Off Date: Two Business Days prior to each Interest Payment Date. The
interest rate for each day following the Rate Cut-Off Date to but
excluding the Interest Payment Date will be the rate prevailing on the
Rate Cut-Off Date.
Accrual of Interest: Accrued interest 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 but
not including the day for which accrued interest is being calculated.
The "Interest Factor" for any Note for each such day will be computed by
multiplying the face amount of the Note by the interest rate applicable
to such day and dividing the product thereof by 360.
InterestPayment Dates: Quarterly on December 28, 1998, March 29, 1999, June 28,
1999 and September 28, 1999, commencing December 28, 1998, provided that
if any Interest Payment Date (other than the Maturity Date) would
otherwise fall on a day that is not a Business Day, then the Interest
Payment Date will be the first following day that is a Business Day. If
the Maturity Date would otherwise fall on a day that is not a Business
Day, then principal and interest on the Note will be paid on the next
succeeding Business Day, and no interest on such payment will accrue for
the period from and after the Maturity Date.
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.
Calculation Date: The earlier of (i) the fifth Business Day after each Interest
Determination Date or (ii) the Business Day immediately preceding the
applicable Interest Payment Date.
Interest Determination Date: One Business Day prior to each Interest Reset Date.
Minimum Interest Rate: 0.0%.
Calculation Agent: The CIT Group, Inc. (formerly The CIT Group Holdings, Inc.)
Trustee, Registrar, Authenticating and Paying Agent:
Harris Trust and Savings Bank, under Indenture dated as of May 1, 1994
between the Trustee and the Corporation.
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UNDERWRITING
Goldman, Sachs & Co. (the "Underwriter") is acting as principal in this
transaction.
The Underwriter has advised the Corporation that it proposes to offer the
Notes for sale from time to time in one or more transactions (which may
include block transactions), in negotiated transactions or otherwise, or a
combination of such methods of sale, at market prices prevailing at the time of
sale, at prices related to such prevailing market prices or at negotiated
prices.
