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CIT Group, Inc. of New York has announced that it has closed a $954 million equipment lease securitization. Notes issued under the securitization constitute eligible collateral under the Federal Reserve Bank of New York's Term Asset-Backed Securities Loan Facility (“TALF”). This is CIT's first TALF-eligible securitization and represents the first TALF-eligible small-ticket equipment lease deal. CIT has completed 16 term equipment securitizations since 2000, nine of which were backed exclusively by collateral from its U.S. Vendor Finance business.
CIT sold three classes of fixed rate notes in a private offering (Rule 144A) that are backed by a pool of commercial equipment lease contracts from CIT Vendor Finance. The weighted average fixed coupon on the securitization is approximately 2.67%, which represents a weighted average credit spread of approximately 1.52% over the benchmark swap rates for the three classes of notes.
CIT sold three classes of fixed rate notes in a private offering (Rule 144A) that are backed by a pool of commercial equipment lease contracts from CIT Vendor Finance. The weighted average fixed coupon on the securitization is approximately 2.67%, which represents a weighted average credit spread of approximately 1.52% over the benchmark swap rates for the three classes of notes.
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