Rule 424(b)(3)
Registration Statement No. 333-119172
CUSIP 12560PDW8
PRICING SUPPLEMENT NO. 14
Dated August 19, 2005 to
Prospectus, dated October 28, 2004 and
Prospectus Supplement, dated October 29, 2004
CIT GROUP INC.
GLOBAL MEDIUM-TERM FLOATING RATE NOTES
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
(X) Senior Note ( ) Subordinated Note
Principal Amount: $1,000,000,000.
Proceeds to Corporation: 99.903% or $999,030,000.
Agents' Commission: 0.097% or $970,000.
Issue Price: 100% or $1,000,000,000.
Original Issue Date: August 24, 2005.
Maturity Date: August 24, 2007, provided that if such day is
not a Business Day, the payment of principal and
interest may be made on the next succeeding
Business Day as if it were made on the date that
the payment was due, and no interest on such
payment will accrue for the period from and
after the Maturity Date.
Interest Rate Basis: LIBOR Telerate.
Index Maturity: Three months.
Spread: +7 basis points (0.07%).
Interest Rate Calculation: LIBOR Telerate determined on the Interest
Determination Date plus the Spread.
Calculation Date: The earlier of (i) the fifth Business Day after
each Interest Determination Date, or (ii) the
Business Day immediately preceding the
applicable Interest Payment Date.
Initial Interest Rate: LIBOR Telerate determined two London Business
Days prior to the Original Issue Date plus the
Spread.
Specified Currency: U.S. Dollars ($).
It is expected that the Notes will be ready for delivery in book-entry form on
or about August 24, 2005.
Banc of America Securities LLC
Barclays Capital
BNP PARIBAS
Citgroup
Form: Global Note.
Denominations: The Notes will be issued only in denominations
of $100,000 and integral multiples of $1,000 in
excess thereof.
Interest Reset Dates: Quarterly on February 24, May 24, August 24, and
November 24 of each year, commencing on November
24, 2005, provided that if any such day would
otherwise fall on a day that is not a Business
Day, then the Interest Reset Date will be the
next succeeding 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 February 24, May 24, August 24 and
November 24 of each year, commencing on November
24, 2005, provided that if any such day (other
than the Maturity Date) is not a Business Day,
then the Interest Payment Date will be postponed
to the following day that is a 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.
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 Determination Dates: Two London Business Days prior to each Interest
Reset 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 authorized or required by law or regulation
(including any executive order) to close in The
City of New York and that is also a London
Business Day.
"London Business Day" means any day on which
dealings in deposits in U.S. dollars are
transacted in the London interbank market.
Trustee, Registrar, J.P. Morgan Trust Company, National Association.
Authenticating Agent,
Calculation Agent and Paying
Agent:
Agents: Agent Principal Amount
----- ----------------
Banc of America Securities LLC $550,000,000
Barclays Capital Inc. 150,000,000
BNP Paribas Securities Corp. 150,000,000
Citigroup Global Markets Inc. 150,000,000
-------------
Total $1,000,000,000
CUSIP: 12560PDW8.
CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES
The following summary discusses certain material U.S. federal income
tax consequences of the acquisition, ownership and disposition of the Notes by
U.S. Holders (as defined in the accompanying Prospectus Supplement, dated
October 29, 2004). This summary is applicable only to investors who purchase the
Notes in the initial offering at their original issue price and hold the Notes
as capital assets for U.S. federal income tax purposes (generally, property held
for investment). This summary does not address investors that are subject to
special tax rules (including financial institutions, tax-exempt organizations,
dealers in securities, partnerships or other pass-through entities for U.S.
federal income tax purposes and persons subject to alternative minimum tax) or
that hold the Notes as part of an integrated investment. This summary
supplements, and should be read in conjunction with, the section entitled
"Material U.S. Federal Income Tax Consequences" in the accompanying Prospectus
Supplement, dated October 29, 2004.
For U.S. federal income tax purposes, the Notes will be treated as
"variable rate debt instruments" that provide for stated interest at a single
"qualified floating rate." A U.S. Holder will, under the applicable Treasury
regulations, be required to include in gross income, as ordinary interest
income, the stated interest on a Note at the time such interest accrues or is
received, in accordance with the U.S. Holder's regular method of accounting for
U.S. federal income tax purposes. In the case of a U.S. Holder that uses the
accrual method of tax accounting, the amount of interest accrued during an
accrual period would be determined by assuming that the Notes bear interest at a
fixed interest rate equal to the value, as of the issue date, of the qualified
floating rate, and the interest allocable to the accrual period would be
adjusted to reflect the interest actually paid during the accrual period.
U.S. Holders are urged to consult their own tax advisors regarding the
U.S. federal income tax treatment, and the tax consequences to them of the
acquisition, ownership and disposition, of the Notes.