Late last week, CIT Group, Inc., a financial services company that provides financing primarily to small businesses and middle-market companies, announced that its recently proposed tender offer, which was amended early last week, is set to close now that the deadline for withdrawals (August 5, 2009) has lapsed and the noteholders of more than 58% of the eligible bonds have accepted the tender offer.

In related news, CIT announced that it has drawn down the final $1 billion of its recently obtained $3 billion Credit Facility. CIT will use “a substantial amount” of the financing to support its primary customer base. CIT’s Board of Directors has also decided to suspend dividend payments on its Preferred Stock (4 series in total) “in order to improve liquidity and preserve capital while restructuring efforts are ongoing.”