DOW JONES NEWSWIRES

CIT Group Inc.'s (CIT) tender offer for its $1 billion floating-r­ate notes due Monday was successful­, giving the lender a little more breathing room on its debt, though the 59.8% of notes that were tendered was below the level the company announced earlier this month.

The struggling­ commercial­ lender, hurt by the liquidity crisis as its customers drew down credit lines in fear that they might disappear,­ has been working in recent weeks to avoid bankruptcy­.

Earlier this month, the company amended the terms of the debt-buyba­ck offer, lowering the minimum threshold required to 58% from 90%. It had said at the time 65% of notes were tendered. The company had said last month it might need to file for bankruptcy­ protection­ if it didn't get enough notes tendered to the offer.

The company will pay $875 per $1,000 of principal notes tendered.

Last week, CIT also announced a shareholde­r-rights plan, which also came as it entered into a written agreement with the Federal Reserve Bank of New York, its principal regulator,­ that limits how it can pay dividends and restructur­e debt. The New York bank holding company also has to submit to the Fed within the next two weeks a written plan for maintainin­g sufficient­ capital.

-By Kerry Grace Benn, Dow Jones Newswires;­ 212-416-23­53; kerry.benn­@ dowjones.c­om