Rule 424(b)(3)
Registration Statement No. 333-92258 and
333-98743
CUSIP # 12560PCR0
PRICING SUPPLEMENT NO. 10
Dated January 28, 2003 to
Prospectus, dated September 13, 2002 and
Prospectus Supplement, dated September 13, 2002.
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. $800,000,000.00.
Proceeds to Corporation: 99.90211% or $799,216,880.00.
Agent Commission: 0.09789% or $783,120.00.
Issue Price: 100.00% or $800,000,000.00.
Original Issue Date: January 31, 2003.
Maturity Date: January 31, 2005.
Interest Rate Basis: LIBOR Telerate.
Index Maturity: Three months.
Spread: +150 basis points (1.50%).
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 January 31, 2003.
Barclays Capital Deutsche Bank Securities
Lehman Brothers Goldman, Sachs & Co.
Banc One Capital Markets, Inc. BNP PARIBAS
Banc of America Securities LLC JPMorgan
Form: Global Note.
Interest Reset Dates: Quarterly on April 30, 2003, July
31, 2003, October 31, 2003, January 31, 2004,
April 30, 2004, July 31, 2004 and October 31,
2004, commencing April 30, 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: April 30, 2003, July 31, 2003,
October 31, 2003, January 31, 2004, April 30,
2004, July 31, 2004, October 31, 2004 and on the
Maturity Date, commencing April 30, 2003,
provided that if any such day 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 Bridge Telerate, Inc. 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
----- ----------------
Barclays Capital Inc. $225,000,000
Deutsche Bank Securities Inc. $210,000,000
Lehman Brothers Inc. $150,000,000
Goldman, Sachs & Co. $90,000,000
Banc One Capital Markets, Inc. $70,000,000
BNP Paribas Securities Corp. $25,000,000
Banc of America Securities LLC $18,000,000
J.P. Morgan Securities Inc. $12,000,000
-----------
Total $800,000,000
CUSIP: 12560PCR0