CIT's stock offerring

Here are the details with the link:

The common stock offering is the final element of the regulatory capital plan that CIT presented to the Board of Governors of the Federal Reserve (the “Federal Reserve”) in connection with its application to become a bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHC Act”). This multi-step plan also includes:

The exchange of approximately 19.6 million outstanding equity units of CIT, stated amount $25 per unit, for an aggregate of $81.8 million in cash and 14.0 million shares of CIT common stock pursuant to an exchange offer that expired December 15, 2008 and that is expected to close on December 18, 2008.

The exchange of up to $1,700,000,000 of certain outstanding notes of CIT for either newly issued subordinated notes or a combination of up to $550 million of cash and up to $1.15 billion of subordinated notes at the option of the eligible holders pursuant to an exchange offer which expires at 5:00 PM EST on December 19, 2008 and which, assuming the satisfaction of the applicable conditions of the offer, is expected to close on a customary settlement timetable.

Upon the successful completion of the common stock offering, CIT expects that it will have raised an amount of regulatory capital that the Federal Reserve indicated would be required to gain approval of its application to become a bank holding company under the BHC Act. The Company expects that if the capital plan is successfully completed that its bank holding company application will be timely approved. However, CIT has no assurances that the Federal Reserve will grant CIT’s application to become a bank holding company. The closing of the common stock offering is conditioned upon approval by the Federal Reserve of CIT’s application to become a bank holding company under the BHC Act.
http://finance.yahoo.com/news/CIT-Announces-250000000-bw-13850689.html

The 4.125 of 11/03/09 were trading at 88, giving a YTM of 19.30%.

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