CITsecures $4.5bn from its creditors and rebuffs Icahn

STRUGGLING commercial lender CIT Group yesterday obtained $4.5bn (&pound;2.7bn) of additional financing from its creditors, just as it seeks to complete a debt exchange.<br /><br />The new financing, which adds to a $3bn loan arranged in July, is being provided by a group of lenders including some of CIT&rsquo;s bondholders.<br /><br />CIT said it made the new arrangements after it was unable to determine whether billionaire investor Carl Icahn, who had offered to provide the company with a $4.5bn term loan on Tuesday, had arranged sufficient funding.<br /><br />The funds represent an expansion of its existing senior secured credit facility and will be secured by much the same assets as the original $3bn loan, plus any additional collateral generated by refinancing existing secured credit facilities.