Rule 424(b)(3)
Registration Statement No. 333-92258 and
333-98743
CUSIP # 12560PCV1
PRICING SUPPLEMENT NO. 14
Dated April 29, 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. $500,000,000.00.
Proceeds to Corporation: 99.94961% or $499,748,050.00.
Agent Commission: 0.05039% or $251,950.00.
Issue Price: 100.00% or $500,000,000.00.
Original Issue Date: May 2, 2003.
Maturity Date: May 3, 2004.
Interest Rate Basis: Federal Funds Rate.
Spread: +70 basis points (0.70%).
Interest Rate Calculation: Federal Funds Rate determined on the Interest
Determination Date plus the Spread.
Initial Interest Rate: Federal Funds Rate determined on 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 May 2, 2003.
Wachovia Securities Credit Suisse First Boston
Deutsche Bank Securities Goldman, Sachs & Co.
JPMorgan Barclays Capital
Form: Global Note.
Interest Reset Dates: Each Business Day to but excluding the Maturity Date.
Interest Determination Date: Each Interest Reset Date.
Interest Rate Cut-Off Date: Two Business Days prior to each Interest Payment
Date. The interest rate for each day following
the Interest Rate Cut-Off Date to but excluding
the Interest Payment Date will be the rate
prevailing on the Interest Rate Cut-Off Date.
Interest Payment Dates: Monthly on the 3rd day of each month and on the Maturity
Date, commencing June 3, 2003, provided that if
any such day is not a Business Day, the Interest
Payment Date will be the next succeeding
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.
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:
"Federal Funds Rate" means, for an Interest Determination Date, the
rate on that date for Federal Funds open rate as this rate is displayed
on Bridge Telerate, Inc. (or any successor service) on page 5 (or any
other page as may replace this page on that service) ("Telerate Page
5") or if not available on Telerate Page 5, the Federal Funds open rate
at Garvin Guy Butler (or any successor entity). If the Federal Funds
open rate does not appear on Telerate Page 5 or is not available from
Garvin Guy Butler, or if the rate is not yet published by 9:00 a.m. New
York City time, on the Calculation Date, then the Federal Funds Rate
will be the Federal Funds open rate as displayed on Bridge Telerate,
Inc. (or any successor service) on page 4833 (or any other page as may
replace this page on the service) or from Prebon Marshall Yamane (or
any successor entity). The Federal
Funds Rate will be calculated on a weighted basis, meaning Friday's
rate will be in effect for Saturday and Sunday.
Trustee, Registrar, Authenticating and Paying Agent: Bank One Trust
Company, N.A.
Agents:
Agent Principal Amount
----- ----------------
Wachovia Securities, Inc. $150,000,000
Credit Suisse First Boston LLC $125,000,000
Deutsche Bank Securities Inc. $100,000,000
Goldman, Sachs & Co. $60,000,000
J.P. Morgan Securities Inc. $50,000,000
Barclays Capital Inc. $15,000,000
-------------
Total $500,000,000
CUSIP: 12560PCV1