Rule 424(b)(3)
Registration Statement No. 333-98743 and
333-103966
CUSIP # 12560PCX7
PRICING SUPPLEMENT NO. 2
Dated August 11, 2003 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. $750,000,000.00.
Proceeds to Corporation: 99.92478% or $749,435,850.00.
Agent Commission: 0.07522% or $564,150.00.
Issue Price: 100.00% or $750,000,000.00.
Original Issue Date: August 14, 2003.
Maturity Date: February 14, 2005.
Interest Rate Basis: LIBOR Telerate.
Index Maturity: Three months.
Spread: +27 basis points (0.27%).
Interest Rate Calculation: LIBOR Telerate determined on the Interest
Determination Date plus the Spread.
Initial Interest Rate: LIBOR Telerate determined two London Business Days
prior to 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 August 14, 2003.
Lehman Brothers Goldman, Sachs & Co.
ABN AMRO Incorporated Citigroup
Banc One Capital Markets, Inc. BNP PARIBAS
Banc of America Securities LLC Blaylock & Partners, L.P.
Credit Suisse First Boston
Form: Global Note.
Interest Reset Dates: Quarterly on November 14, 2003, February 14,
2004, May 14, 2004, August 14, 2004 and November
14, 2004, commencing November 14, 2003, provided
that if any Interest Reset Date would otherwise
fall on a day that is not a Business Day, then
the Interest Reset Date will be the first
following day that is a Business Day, except that
if such Business Day is in the next succeeding
calendar month, such Interest Reset Date will be
the immediately preceding Business Day.
Interest Payment Dates: November 14, 2003, February 14, 2004, May 14,
2004, August 14, 2004, November 14, 2004 and on
the Maturity Date, commencing November 14, 2003,
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, except that if such
Business Day is in the next succeeding calendar
month, such Interest Payment Date will be the
immediately preceding 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.
Interest Determination Date: Two London Business Days prior to each Interest
Reset Date.
Calculation Date: The earlier of (i) the fifth Business Day after
each Interest Determination Date, or (ii) 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:
"LIBOR Telerate" means the rate for deposits in U.S. dollars having the
Index Maturity specified above which appears on the Telerate Page 3750
(defined below) as of 11:00 a.m., London time, on the applicable
Interest Determination Date.
"Telerate Page 3750" means the display page designated as page 3750 on
the Moneyline Telerate service (or such other page as may replace page
3750 on that service for the purpose of displaying London interbank
offered rates).
"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, which day is also a day on which dealings in deposits
in U.S. dollars are transacted in the London interbank market.
"London Business Day" means any day on which deposits in U.S. dollars
are transacted in the London interbank market.
Trustee, Registrar, Authenticating and Paying Agent: Bank One Trust
Company, N.A.
Agents:
Agent Principal Amount
----- ----------------
Lehman Brothers Inc. $250,000,000
Goldman, Sachs & Co. $245,000,000
ABN AMRO Incorporated $80,000,000
Citigroup Global Markets Inc. $50,000,000
Banc One Capital Markets, Inc. $48,000,000
BNP Paribas Securities Corp. $32,000,000
Banc of America Securities LLC $25,000,000
Blaylock & Partners, L.P. $10,000,000
Credit Suisse First Boston LLC $10,000,000
------------
Total $750,000,000
CUSIP: 12560PCX7