CIT and Care Investment Trust Inc. Announce Pricing of Care’s Initial Public Offering and Commencement of Trading on the New York Stock Exchange (Ticker ‘CRE’)
CIT Group Inc. (NYSE: CIT) , a leading global provider of commercial and consumer finance solutions, and Care Investment Trust Inc. (NYSE: CRE) , a real estate investment and finance company, announced today the pricing of the initial public offering of 15,000,000 shares of Care Investment Trust at $15.00 per common share. Care Investment Trust has also granted the underwriters a 30-day option to purchase an additional 2,250,000 common shares from the Company to cover any over-allotments. Care Investment Trust is managed and advised by CIT Healthcare, a unit of CIT.
The net proceeds of the offering, after deducting underwriting discounts, commissions and expenses related to the offering, will be approximately $209.8 million (assuming the underwriters’ over allotment option is not exercised).
The shares of Care Investment Trust are scheduled to begin trading today, June 22, 2007, on the New York Stock Exchange under the ticker symbol “CRE.”
Credit Suisse and Merrill Lynch & Co. are serving as joint book-running managers. Banc of America Securities LLC, Bear Stearns & Co. Inc., UBS Investment Bank, Wachovia Securities, Piper Jaffray, RBC Capital Markets and Stifel Nicolaus are acting as co-managers.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is being made solely by means of a prospectus.
Interested persons may obtain copies of the prospectus from Credit Suisse Securities (USA) LLC, One Madison Avenue, New York, NY 10010-3629, attention: Prospectus Department, or by calling 1-800-221-1037, or Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World Financial Center, New York, NY 10080, attention: Prospectus Department (4th Floor), or by calling 1-866-500-5408.
About Care Investment Trust
Care Investment Trust Inc. is a real estate investment and finance company formed principally to invest in healthcare-related commercial mortgage debt and real estate. It is externally managed and advised by CIT Healthcare LLC, a wholly-owned subsidiary of CIT Group Inc. http://www.carereit.com/
About CIT Healthcare
CIT Healthcare offers a full spectrum of financing solutions and related strategic advisory services to companies across the healthcare industry throughout the United States. It meets the diverse commercial financing needs of U.S. healthcare providers. http://healthcare.cit.com/
About CIT
CIT Group Inc. (NYSE: CIT) , a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has approximately $80 billion in managed assets and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in cash flow lending, vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its global headquarters in New York City, CIT has approximately 7,500 employees in locations throughout North America, Europe, Latin America and Asia Pacific. http://www.cit.com/
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