INSURANCE

ITT to Repurchase $4.1 Billion in Debt: The company said it has launched a cash tender offer to purchase all of its debt securities maturing after Jan. 1. The move furthers the New York conglomerate’s plan, announced earlier this month, to split into three companies by spinning off to shareholders stock in its Hartford, Conn., insurance business; its industrial products operations, and a third business that owns the Sheraton hotels company and Caesars World casinos. ITT said it will pay a fixed amount above the yield to maturity of applicable Treasury bonds for the debt, with pricing to be determined July 19. It is also asking debt holders to waive terms of the obligations to complete the offer, which expires July 21. Goldman, Sachs & Co. and Salomon Bros. Inc. are managing the buyback. ITT is financing it with bank loans and commercial paper.