Billionaire Icahn Offers Retail to Block CIT Debt Swap

By Pierre Paulden and Caroline Salas

Oct. 27 (Bloomberg) -- Carl Icahn, the billionaire investor who says he is the largest bondholder of CIT Group Inc., is offering to limit the downside for smaller noteholders if they support him in opposing the lender’s $30 billion debt exchange.

The proposal will take the form of a 30-day tender offer at 60 cents on the dollar, “assuring them a floor price in the event the notes trade lower,” Icahn said today in a statement from New York.

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