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CIT lands $3 billion loan

New York – In a relief for many in the industry, mega factor CIT today announced a group of its major bondholders has extended a $3 billion loan. The company plans to restructure its liabilities to create additional liquidity and improve its capital position.

The arrangement should “ensure that its important base of small and middle market customers continues to have access to credit,” the company said.

Of the loan, $2 billion is available for immediate use, and the final billion is expected to be available within 10 days, according to CIT.

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