Rule 424(b)(3)
Registration Statement No. 333-63793
Cusip # 12560PBA8
PRICING SUPPLEMENT NO. 9,
Dated December 3, 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. $200,000,000.
Proceeds to Corporation: 99.785% or $199,570,000.
Underwriting Commission: 0.215%
Issue Price: 100% or $200,000,000.
Original Issue Date: December 8, +
1998.
Maturity Date: December 8, 2003.
Interest Rate Per Annum: 5.570%.
Interest Payment Dates: Bi-annually each June 8 and December 8, commencing June
8, 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 8, 1998.
WARBURG DILLON READ LLC
LEHMAN BROTHERS
SALOMON SMITH BARNEY
MERRILL LYNCH & CO.
CREDIT SUISSE FIRST BOSTON
GOLDMAN, SACHS & CO.
<PAGE>
Form: Global Note.
Specified Currency: U.S. Dollars.
Trustee, Registrar, Authenticating and Paying Agent:
The First National Bank of Chicago, under the Indenture dated as of
September 24, 1998 between the Trustee and The CIT Group, Inc. (the
"Corporation").
UNDERWRITING
Warburg Dillon Read LLC, Lehman Brothers Inc., Salomon Smith Barney
Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse
First Boston Corporation and Goldman, Sachs & Co. (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 3, 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 Dillon Read LLC $53,000,000
Lehman Brothers Inc. $47,000,000
Salomon Smith Barney Inc. $37,000,000
Merrill Lynch, Pierce, Fenner
& Smith Incorporated $33,000,000
Credit Suisse First Boston
Corporation $20,000,000
Goldman, Sachs & Co. $10,000,000
Total $200,000,000
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.
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.
