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Ferrari borrows $2.6 billion to finance FCA spinoff

Ferrari announced Monday that it is borrowing about $2.6 billion to finance its spinoff from Fiat Chrysler Automobiles. Here's how it breaks down: Ferrari NV, the automaker's parent company based in the Netherlands, is taking out loans totaling 2.5 billion euros. That's equivalent to $2.64 billion at current exchange rates, and is divided between a term loan of $2.12 billion and a revolving credit facility of $529 million. The larger term loan "will be used to refinance indebtedness owing to Fiat Chrysler Automobiles," among other purposes. That ought to constitute the lion's share of the $2.38 billion which the Prancing Horse marque was, according to reports last year, slated to pay its current parent company in order to help FCA fund its ambitious growth plans. The separate line of credit is earmarked "to be used from time to time for general corporate and working capital purposes of the Ferrari group." Though Ferrari is not expected to take any other Fiat Chrysler properties with it, the "group" in this case would include its various financial services and distribution arms around the world that may have been separately incorporated. As noted in the statement below, the financial arrangement "represents a further step towards the separation of Ferrari from the FCA Group," following the separate stock issues from both companies as independent from each other. FERRARI N.V. SIGNS ˆ2.5 BILLION SYNDICATED CREDIT FACILITY Ferrari N.V. (NYSE: RACE) ("Ferrari") announced today that it has entered into a ˆ2.5 billion syndicated loan facility with a group of ten bookrunner banks. The facility comprises a bridge loan (the "Bridge Loan") and a term loan (the "Term Loan") of ˆ2 billion in aggregate and a revolving credit facility of ˆ500 million (the "RCF"). Proceeds of the Bridge Loan and Term Loan will be used to refinance indebtedness owing to Fiat Chrysler AutomobilesN.V. (NYSE: FCAU) ("FCA") and other indebtedness and for other general corporate purposes. Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Ferrari group. The Bridge Loan has a 12 month maturity with an option for Ferrari to extend once for a six-month period. Ferrari intends to refinance the Bridge Loan prior to its maturity with longer term debt, including through capital markets or other financing transactions. The Term Loan, which comprises a majority of the total facility, and the RCF each have a maturity of five years.

Ferrari 488 Spider turbocharges its topless way into Frankfurt

There's a droptop supercar for any wealthy buyer's style at this year's Frankfurt Motor Show. If the sharply styled Lamborghini Huracan LP 610-4 Spyder doesn't get your heart racing, Ferrari is in attendance, as well, to give the turbocharged 488 Spider a public debut. With either of them, buyers are getting an exclusive, Italian name and plenty of performance to keep the wind gusting through their hair. The major upgrade for the 488 Spider and the reason for the new name is the addition of Ferrari's 3.9-liter twin-turbo V8 to the droptop. Just like in the 488 GTB coupe, it makes 661 horsepower and 560 pound-feet of torque. The Prancing Horse claims its latest Spider can hit 62 miles per hour in about 3 seconds and 124 mph in 8.7 seconds. The retractable hardtop is pretty quick, too, and can open in just 14 seconds. A redesigned aluminum spaceframe offers the benefit of 23 percent better torsional rigidity compared to the 458 convertible. While the styling at the front is the same, the 488 Spider wears some beautifully sculpted nacelles behind the seats. They create a streamlined look that flows right down the tail in profile. The glass pane between them can be retracted in three positions, too, to adjust the amount of wind and sound in the cabin. The droptop also has a new engine cover with louvers on each side. Check out all the little details of the blue example from the Frankfurt show yourself in our image gallery above.

This is the amazing Christmas wonderland Ferrari builds for kids every year

Granted, when we think of a "Ferrari Christmas Wonderland" our dreams naturally manifest something like a red FF with a bow on the hood and keys on the seat, parked in front of a Fiorano Circuit that's ours for the day. A guy's gotta dream, right?
But, luckily for a lot of beaming children and their grateful, non-selfish parents, Ferrari's gift back to the people of Maranello is far more festive. The Italian automaker clearly pulls out all of the stops for its annual Kids Christmas party to celebrate the season. The event, which sees the Ferrari grounds transformed in to a veritable amusement park in a holiday theme, seems pretty massive of scale and impressive in its detail.
Click through to the video clip below to see what we mean, and pay special attention about two-thirds of the way through, when a special contingent of 'Santas' drop by to say "Boun Natale."