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CIT » Topics » Variable-rate Non-recourse Secured Borrowings Summary

This excerpt taken from the CIT 10-Q filed May 12, 2008.
Variable-rate Non-recourse Secured Borrowings Summary (dollars in millions)

  March 31,
2008
December 31,
2007
Consumer (student lending) $  9,812.9 $  9,437.5
Home Lending 4,652.7 4,785.9
Trade Finance (factoring receivable)(1) 1,294.0 1,262.5
Vendor Finance (acquisition financing) 1,246.8 1,312.3
Transportation Finance–Rail 850.0 –
Corporate Finance(2) 971.8 370.0
Corporate Finance (energy project finance) 262.1 262.1
Total $19,090.3 $17,430.3

(1) Excludes credit balances of factoring clients.
   
(2) Includes financing executed via total return swaps, under which CIT retains control of, and the full risk related to, these loans.

During the quarter ended March 31, 2008, the Company issued approximately $600 million in unsecured retail notes with a weighted average term of 3 years at a weighted average coupon of 6.75% and repaid maturing unsecured term debt of $1.6 billion.

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