(Reuters) – CIT Group Inc anounced Monday it has entered into a &&6;3 billion credit facility and has initiated a recapitalization plan:

* Says intends to commence a comprehensive restructuring of its liabilities to

provide additional liquidity and further strengthen its capital position

* Says agreed &&6;3 billion secured term loan with a 2.5 year maturity

* Says term loan proceeds of &&6;2 billion committed and available today,

additional &&6;1 billion expected to be committed and available within 10 days

* Says commenced a cash tender offer for its outstanding floating rate senior

notes due August 17, 2009

* Says lenders in the term loan financing have agreed to tender all of their

August 17 notes

* Says company and the term loan financing steering committee will work

together on the balance of the recapitalization plan

* Says recapitalization plan is expected to include a comprehensive series of

exchange offers designed to further enhance cit&&9;s liquidity and capital

* Says cash tender offer for outstanding floating rate senior notes due August

17, for &&6;825 for each &&6;1,000 principal amount of notes tendered on or before

July 31

CIT clinches $3 billion rescue