CIT Group (CIT) Repaying $750 Million Of Debt Early

CIT Group, Inc. (NYSE: CIT) announced on Monday that the company will repay $750 million of its "high cost" debt ahead of schedule.

"The company will prepay this high cost debt out of its available holding company cash position, which is in excess of $5 billion," CIT said in a statement.

The board of directors of CIT Group voted to repay repay $750 million of the company's $7.5 billion first lien credit facility.

The prepayment will take place on February 9 and will include a 2% prepayment premium.