Carl Icahn, the activist investor, on Monday offered to underwrite a $6bn loan for CIT Group, the struggling US commercial lender, saying the terms of a plan to raise a similar amount from bondholders were detrimental to investors.

In a letter to CIT’s board, Mr Icahn criticised the lender for offering bondholders the opportunity to buy $6bn of secured loans at well below their market value. This is because the offer is contingent on bondholders agreeing to vote for CIT’s current proposed restructuring plan, and would cost the company $300m in fees while carrying a 9.5 per cent interest rate.