Rule 424(b)(3)
Registration Statement No. 333-92258 and
333-98743
CUSIP # 12560PCU3
PRICING SUPPLEMENT NO. 13
Dated April 3, 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. $500,000,000.00.
Proceeds to Corporation: 99.94997% or $499,749,850.00.
Agent Commission: 0.05003% or $250,150.00.
Issue Price: 100.00% or $500,000,000.00.
Original Issue Date: April 8, 2003.
Maturity Date: April 8, 2004.
Interest Rate Basis: LIBOR Telerate.
Index Maturity: Three months.
Spread: +75 basis points (0.75%).
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 April 8, 2003.
JPMorgan Banc One Capital Markets, Inc.
Lehman Brothers ABN AMRO Incorporated
BNP PARIBAS Deutsche Bank Securities
Form: Global Note.
Interest Reset Dates: Quarterly on July 8, 2003, October 8, 2003 and January
8, 2004, commencing July 8, 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: July 8, 2003, October 8, 2003, January 8, 2004 and on
the Maturity Date, commencing July 8, 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
----- ----------------
J.P. Morgan Securities Inc. $346,000,000
Banc One Capital Markets, Inc. $ 75,000,000
Lehman Brothers Inc. $ 50,000,000
ABN AMRO Incorporated $ 14,000,000
BNP Paribas Securities Corp. $ 10,000,000
Deutsche Bank Securities Inc. $ 5,000,000
------------
Total $500,000,000
CUSIP: 12560PCU3