C.I.T. Financial Corp.
| Company Deal | C.I.T. Financial Corporation: 6 3/8% debentures due October 1, 1986 |
|---|---|
| Transaction Type | Debentures |
| Deal Description | C.I.T. Financial Corporation intended to use the proceeds from the sale to provide additional working funds for the company and its subsidiaries, to be used initially to reduce short-term borrowings that were incurred for the purpose of purchasing receivables. Proceeds may also have been used for its business at the time, as well as future acquisitions. The company reported a tentative agreement made in 1967 to acquire Grosset & Dunlap, Inc., a book publishing company. A portion of the proceeds from the sale of debentures may have been used to complete this acquisition. |