CIT Provides Acquisition Financing To American Medical Systems

American Medical Systems Acquires Laserscope For $715 Million 


NEW YORK, July 21  /PRNewswire-FirstCall/ -- CIT Group Inc. (NYSE:CIT), a leading global provider of commercial and consumer finance solutions, today announced that it provided financing to American Medical Systems Holdings, Inc. (NASDAQ:AMMD), the global leader in providing pelvic health solutions to urologists and gynecologists, in its $715 million acquisition of Laserscope (NASDAQ:LSCP), a developer of minimally invasive medical devices including medical lasers and fiber-optic products.

CIT Healthcare provided a $430 million Senior Secured credit facility as part of a $615 million fully underwritten commitment to finance AMS' acquisition of Laserscope. CIT also advised AMS through the ratings agency process enabling it to obtain optimal pricing and distribution.

Flint Besecker, president of CIT Healthcare, said, "CIT is pleased to have provided financing for AMS' acquisition of Laserscope. This transaction highlights our ability to provide customized financing solutions and counsel throughout the acquisition process.  As a result, we were able to work with AMS, from start to finish, through a highly competitive auction process to successfully complete this strategic acquisition."

Martin J. Emerson, president and CEO of American Medical Systems, said, "This acquisition represents a truly strategic investment for AMS and we are pleased to have partnered with CIT to complete the senior financing. The combined company is a great match of technology with a superior sales platform that will provide long-term benefits for our shareholders. The global reach of the combined sales force will be uniquely positioned to capitalize on Laserscope's superior technology and market position, building further on AMS' reputation with urologists."

About CIT

CIT Group Inc. (NYSE:CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services.  Founded in 1908, CIT has $68 billion in managed assets and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its global headquarters in New York City, CIT has more than 7,000 employees in locations throughout North America, Europe, Latin America, and the Pacific Rim.  http://www.cit.com/.

About American Medical Systems

American Medical Systems, headquartered in Minnetonka, Minnesota is a diversified supplier of medical devices and procedures to cure erectile dysfunction, benign prostatic hyperplasia, incontinence, menorrhagia, prolapse and other pelvic disorders in men and women. These disorders can significantly diminish one's quality of life and profoundly affect social relationships. In recent years, the number of people seeking treatment has increased markedly as a result of longer lives, higher quality-of-life expectations and greater awareness of new treatment alternatives. American Medical Systems' products reduce or eliminate the incapacitating effects of these diseases, often through minimally invasive therapies. The Company's products were used to provide approximately 170,000 patient cures in 56 countries during 2005. http://www.americanmedicalsystems.com/.

About Laserscope

Laserscope designs, manufactures, sells and services an advanced line of minimally invasive medical products worldwide including medical laser systems and related energy delivery devices for the office, outpatient surgical center, and hospital markets. http://www.laserscope.com/

  CONTACT:
   CIT MEDIA RELATIONS:
   C. Curtis Ritter
   Director of External Communications & Media Relations
   [phone]
   

   American Medical Systems Holdings, Inc.
   Carmen Diersen
   [phone]
   

http://www.newscom.com/cgi-bin/prnh/20041004/NYM003LOGO

http://photoarchive.ap.org/

DATASOURCE: CIT Group Inc.



CONTACT:  CIT Media Relations: C. Curtis Ritter, Director of External

Communications & Media Relations, [phone], ; or

Carmen Diersen of American Medical Systems Holdings, Inc., [phone],





Web site:  http://www.cit.com/

http://www.laserscope.com/

http://www.americanmedicalsystems.com/ 

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