Rule 424(b)(3)
Registration Statement No. 333-92258 and
333-98743
CUSIP # 12560PCT6
PRICING SUPPLEMENT NO. 12
Dated March 13, 2003 to
Prospectus, dated September 13, 2002 and
Prospectus Supplement, dated September 13, 2002.
CIT GROUP INC.
GLOBAL MEDIUM-TERM FLOATING RATE NOTES
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
(X) Senior Note ( ) Senior Subordinated Note
Principal Amount: U.S. $550,000,000.00.
Proceeds to Corporation: 99.92528% or $549,589,040.00.
Agent Commission: 0.07472% or $410,960.00.
Issue Price: 100.00% or $550,000,000.00.
Original Issue Date: March 18, 2003.
Maturity Date: September 20, 2004.
Interest Rate Basis: LIBOR Telerate.
Index Maturity: Three months.
Spread: +130 basis points (1.30%).
Interest Rate Calculation: LIBOR Telerate determined on the Interest
Determination Date plus the Spread.
Initial Interest Rate: LIBOR Telerate determined two London Business Days
prior to the Original Issue Date plus the Spread.
Specified Currency: U.S. Dollars.
It is expected that the Notes will be ready for delivery in book-entry form on
or about March 18, 2003.
Lehman Brothers Goldman, Sachs & Co.
Banc of America Securities LLC Deutsche Bank Securities
ABN AMRO Incorporated JPMorgan
Form: Global Note.
Interest Reset Dates: Quarterly on June 20, 2003, September 20, 2003,
December 20, 2003, March 20, 2004 and June 20,
2004, commencing June 20, 2003, provided that if
any Interest Reset Date would otherwise fall on a
day that is not a Business Day, then the Interest
Reset Date will be the first following day that
is a Business Day, except that if such Business
Day is in the next succeeding calendar month,
such Interest Reset Date will be the immediately
preceding Business Day.
Interest Payment Dates: June 20, 2003, September 20, 2003, December 20,
2003, March 20, 2004, June 20, 2004 and on the
Maturity Date, commencing June 20, 2003, provided
that if any such day is not a Business Day, the
Interest Payment Date will be the next succeeding
Business Day, except that if such Business Day is
in the next succeeding calendar month, such
Interest Payment Date will be the immediately
preceding Business Day, and no interest on such
payment will accrue for the period from and after
the Maturity Date.
Accrual of Interest: Accrued interest will be computed by adding the
Interest Factors calculated for each day from the
Original Issue Date or from the last date to
which interest has been paid or duly provided for
up to but not including the day for which accrued
interest is being calculated. The "Interest
Factor" for any Note for each such day will be
computed by multiplying the face amount of the
Note by the interest rate applicable to such day
and dividing the product thereof by 360.
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.
Interest Determination Date: Two London Business Days prior to each
Interest Reset Date.
Calculation Date: The earlier of (i) the fifth Business Day after each
Interest Determination Date, or (ii) the Business Day
immediately preceding the applicable Interest Payment Date.
Maximum Interest Rate: Maximum rate permitted by New York law.
Minimum Interest Rate: 0.0%.
Exchange Listing: None
Other Provisions:
"LIBOR Telerate" means the rate for deposits in U.S. dollars having the
Index Maturity specified above which appears on the Telerate Page 3750
(defined below) as of 11:00 a.m., London time, on the applicable
Interest Determination Date.
"Telerate Page 3750" means the display page designated as page 3750 on
the Bridge Telerate, Inc. service (or such other page as may replace
page 3750 on that service for the purpose of displaying London
interbank offered rates).
"Business Day" means any day, other than a Saturday or Sunday, that is
neither a legal holiday nor a day on which banking institutions are
generally authorized or required by law or regulation to close in The
City of New York, which day is also a day on which dealings in deposits
in U.S. dollars are transacted in the London interbank market.
"London Business Day" means any day on which deposits in U.S. dollars
are transacted in the London interbank market.
Trustee, Registrar, Authenticating and Paying Agent: Bank One Trust
Company, N.A.
Agents:
Agent Principal Amount
----- ----------------
Lehman Brothers Inc. $263,000,000
Goldman, Sachs & Co. $170,000,000
Banc of America Securities LLC $60,000,000
Deutsche Bank Securities Inc. $45,000,000
ABN AMRO Incorporated $7,000,000
J.P. Morgan Securities Inc. $5,000,000
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Total $550,000,000
CUSIP: 12560PCT6