CIT Group has amended the terms of its tender offer for $1 billion of notes maturing on Aug. 17. The amendment lowered the minimum threshold required to complete the tender offer to 58% from 90%. And as a result, the firm said it had enough votes to go through with the offer. The tender offer was set to expire on Aug. 14.
CIT also suspended dividend payments on four series of preferred stock to “improve liquidity and preserve capital” during its ongoing restructuring efforts, the company said in a statement.