CIT Group Inc, a leading provider of financing to small businesses and middle market companies,  announced the successful completion of its tender offer for its $1 billion floating rate senior secured notes.

As of the expiration date, ie, 14 August, 59.81 per cent of the total debt outstanding were validly tendered and not withdrawn - an amount in excess of the minimum condition, the company said in a filing.

In accordance with the terms and conditions of the offer, CIT will accept tendered notes for payment at a purchase price of $875 per $1,000 principal amount of notes. CIT will pay amounts due on notes that have matured but were neither tendered in, nor subject to the offer in accordance with the terms of those notes.

CIT's tender offer for $1 billion in debt maturing on 17 August was aimed at buying time to restructure its finances and stave off bankruptcy.

The company had said it could be forced into bankruptcy if the tender failed and it was unable to secure alternative financing.

CIT recorded a net loss of $1.68 billion, or $4.30 a common stock, against a loss of $2.08 billion, or $7.88 a share, in the year-earlier period, according to the filing.