Rule 424(b)(3)
Registration Statement No. 333-98743 and
333-103966
CUSIP # 12560PDD0
PRICING SUPPLEMENT NO. 11
Dated January 29, 2004 to
Prospectus, dated May 9, 2003 and
Prospectus Supplement, dated May 9, 2003.
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. $459,000,000.00.
Proceeds to Corporation: 99.90016% or $458,541,734.40.
Agent Commission: 0.09984% or $458,265.60.
Issue Price: 100.00% or $459,000,000.00.
Original Issue Date: February 3, 2004.
Maturity Date: February 3, 2006.
Interest Rate Basis: Federal Funds Rate.
Spread: +22 basis points (0.22%).
Interest Rate Calculation: Federal Funds Rate determined on the Interest
Determination Date plus the Spread.
Initial Interest Rate: Federal Funds Rate determined on the Business Day
immediately preceding 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 February 3, 2004.
Banc of America Securities LLC JPMorgan
BNP PARIBAS Goldman, Sachs & Co.
Credit Suisse First Boston
Form: Global Note.
Interest Reset Dates: Each Business Day to but excluding the Maturity Date.
Interest Determination Date: The Business Day immediately preceding 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: On May 3, 2004, August 3, 2004,
November 3, 2004, February 3, 2005,
May 3, 2005, August 3, 2005, November 3,
2005 and on the Maturity Date, commencing
May 3, 2004, provided that if any such day
(other than the Maturity Date) 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 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 as published in H.15(519) under the
heading "Federal Funds (Effective)," as this rate is displayed on
Moneyline Telerate (or any successor service) on page 120 (or any other
page as may replace this page on that service) ("Telerate Page 120").
If the rate does not appear on Telerate Page 120 or if the rate is not
yet published by 3:00 p.m. New York City time, on the Calculation Date,
then the Federal Funds Rate will be the rate as published in the H.15
Daily Update or another recognized electronic source used for the
purpose of displaying this rate under the heading "Federal Funds
(Effective)." The Federal Funds Rate will be calculated on a weighted
basis, meaning Friday's rate will be in effect for Saturday and Sunday.
"H.15(519)" means "Statistical Release H.15(519), Selected Interest
Rates," or any successor publication as published weekly by the Board
of Governors of the Federal Reserve System.
"H.15 Daily Update" means the daily update of H.15(519), available
through the world wide web site of the Board of Governors of the
Federal Reserve System at
http://www.bog.frb.fed.us/releases/h15/update, or any successor site or
publication.
"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.
Trustee, Registrar, Authenticating and Paying Agent: J.P. Morgan Trust
Company, National Association (as successor to Bank One Trust Company,
N.A.)
Agents:
Agent Principal Amount
----- ----------------
Banc of America Securities LLC $200,000,000
J.P. Morgan Securities Inc. $150,000,000
BNP Paribas Securities Corp. $50,000,000
Goldman, Sachs & Co. $30,000,000
Credit Suisse First Boston LLC $29,000,000
-------------
Total $459,000,000
CUSIP: 12560PDD0