Ferrari N.V. signs a new syndicated revolving credit facility
December 11 2019 - 6:39PM
Maranello (Italy), 12 December
2019 – Ferrari N.V. (NYSE/MTA: RACE)
(“Ferrari” or the “Company”)
announces that it has signed on 11 December a Euro 350 million
unsecured committed revolving credit facility, intended for general
corporate and working capital purposes (the “New
RCF”).
The New RCF, entered into with a group of twelve
banks, has a five-year tenor with two further one-year extension
options, exercisable on the first and second anniversary of the
signing date on Ferrari’s request and on each bank’s approval for
its participation.
This facility replaces the Euro 500 million
committed revolving credit facility due November 2020, which has
been cancelled.
The New RCF provides a lower cost of capital as
compared to the prior facility and confirms the support that
Ferrari receives from a large panel of international key
relashionship banks. Its lower size reflects an overall evaluation
of the optimal capital structure of the Company going forward.
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