Rule 424(b)(3)
Registration Statement No. 333-98743 and
333-103966
CUSIP # 12560PDG3
PRICING SUPPLEMENT NO. 18
Dated May 13, 2004 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. $765,000,000.00.
Proceeds to Corporation: 99.85147% or $763,863,745.50.
Agent Commission: 0.14853% or $1,136,254.50.
Issue Price: 100.00% or $765,000,000.00.
Original Issue Date: May 18, 2004.
Maturity Date: May 18, 2007.
Interest Rate Basis: LIBOR Telerate.
Index Maturity: Three months.
Spread: +22 basis points (0.22%).
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 May 18, 2004.
Goldman, Sachs & Co. Banc of America Securities LLC
Morgan Stanley Lehman Brothers
JPMorgan Citigroup
Barclays Capital Bear, Stearns & Co. Inc.
Merrill Lynch & Co.
Form: Global Note.
Interest Reset Dates: Quarterly on August 18, November 18,
February 18 and May 18 of each year, commencing
August 18, 2004, provided that if any Interest
Reset Date would otherwise fall on a day that is
not a Business Day (as defined below), 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: Interest will be paid on the Maturity Date
and quarterly on August 18, November 18,
February 18 and May 18 of each year,
commencing August 18, 2004, 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 or such
other Interest Payment Date (other than the
Maturity Date), as applicable.
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: J.P. Morgan Trust
Company, National Association (as successor to Bank One Trust Company,
N.A.).
Agents:
Agent Principal Amount
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Goldman, Sachs & Co. 205,000,000
Banc of America Securities LLC 100,000,000
Morgan Stanley & Co. Incorporated 100,000,000
Lehman Brothers Inc. 100,000,000
J.P. Morgan Securities Inc. 60,000,000
Citigroup Global Markets Inc. 50,000,000
Barclays Capital Inc. 50,000,000
Bear, Stearns & Co. Inc. 50,000,000
Merrill Lynch, Pierce, Fenner 50,000,000
& Smith Incorporated
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Total $765,000,000
CUSIP: 12560PDG3