SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 4, 1999
The CIT Group, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-1861 13-2994534
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1211 Avenue of the Americas
New York, New York 10036
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Registrant's telephone number, including area code (212) 536-1390
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
See the attached press release, which is incorporated herein by reference,
regarding the announcement of an agreement between Heller Financial, Inc. and
The CIT Group/Commercial Services, Inc.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
99.1 Press Release, dated October 4, 1999, regarding the
announcement of an agreement between Heller Financial, Inc.
and The CIT Group/Commercial Services, Inc.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE CIT GROUP, INC.
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(Registrant)
By: /s/ JOSEPH M. LEONE
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Joseph M. Leone
Executive Vice President and
Chief Financial Officer
Dated: October 4, 1999
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Exhibit 99.1
[The CIT Group, Inc. Logo]
Contact: Michael J. McGowan
Vice President
Corporate Communications
(973) 535-3506
[email protected]
FROM: THE CIT GROUP, INC.
1211 AVENUE OF THE AMERICAS
NEW YORK, NY 10036
FOR IMMEDIATE RELEASE
THE CIT GROUP TO ACQUIRE HELLER FINANCIAL'S COMMERCIAL SERVICES UNIT
LIVINGSTON, NJ, October 4, 1999 --- The CIT Group, Inc. (NYSE:CIT) today
announced that it has signed an agreement with Heller Financial, Inc. (NYSE:HF)
to purchase the assets of Heller's Commercial Services unit for a premium of
approximately $125 million. The Commercial Services unit is Heller's domestic
factoring business that, as of August 31, 1999, had total net assets of $435
million reflecting $953 million of factored accounts receivable and $518 million
of credit balances due factoring clients. This business will report through
CIT's Commercial Services unit which has factoring offices in New York City, Los
Angeles, Atlanta, Dallas and Charlotte.
"This acquisition demonstrates our long-term commitment to the factoring
business," said Albert R. Gamper, Jr., President and CEO of CIT. "Our knowledge
and experience in the industry is extensive, and we continue to look for new
opportunities to develop greater levels of scale and efficiencies," he added.
"The addition of more than $7 billion of annual factored volume, along
with some very talented and experienced personnel, will enable us to enhance our
position in this competitive
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market," noted John F. Daly, head of CIT's Commercial Services unit. "CIT's
dedication to its customers and related industries is stronger than ever, and
this transaction underscores our ability to deliver superior service and
maintain relationships," he added.
The transaction, subject to customary regulatory approvals, is expected to
close prior to year-end.
The CIT Group, Inc., founded in 1908 and with more than $28 billion in
managed assets, is one of the nation's largest commercial and consumer financing
companies. For more information access CIT's Web Site at www.citgroup.com.
Heller Financial, Inc., is a worldwide commercial finance company
providing a broad range of financing solutions to middle-market and small
business clients.
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