CIT Group (CIT) bondholders could be "burned" by what Covenant Review is calling a material...

|About: CIT Group Inc. (CIT)|By:, SA News Editor

CIT Group (CIT) bondholders could be "burned" by what Covenant Review is calling a material tweak to its debt exchange: "They made the covenants worse ... If you held out, you could get a better deal." Eliminating a cap on future secured loans means holdout noteholders might receive notes senior to exchange participants.