CIT Group Inc. announced a package of refinancings and asset sales on Thursday, a step that CEO John Thain billed as a sign of its more stable footing.
Among the deals is CIT's acquisition of $800 million in new funding facilities for its trade and U.K. vendor finance units. The bulk of that money is accessible through a one-year revolving trade finance facility in which Deutsche Bank and Citigroup Inc. are among the lenders.
CIT also reported the sale of corporate finance assets and its Australian vendor finance unit. The divestitures earned the company approximately $500 million, according to a press release.
Finally, CIT announced that it has repaid an additional $1.25 billion of first lien debt, bringing the company near to wiping out half of the initial commitments encumbering it when it emerged from bankruptcy last year. Given the high interest rate of some of that debt, repaying or refinancing it has been a priority for Thain.
"Today's announcement highlights the significant progress we have made in increasing our funding flexibility, streamlining our portfolio, and lowering our financing costs," he said in the release.
CIT did not reveal the exact timing of the deals.