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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.

Drive covers the ups and downs of the Ferrari Testarossa

We don't know how we got here, but it's apparently Ferrari Testarossa season. Not even 90 days ago, Evo bossman Harry Metcalfe preached an ode to the eightiest Eighties exotic there ever was ("exotic," as opposed to supercars like the Ferrari F40 or Porsche 959). Only weeks ago, one of the white Testarossas from Miami Vice hit eBay for the outrageous Buy It Now price of $1.75M. Now we have Drive offering a five-minute video of John Pogson, an Englishman who's been restoring Ferraris for decades, discussing the ups and downs of a car that perhaps had the best shoulder pads of that whole decade. Pogson went to Italy to retrieve one of the first two Testarossas to reach to England, and promptly got in trouble with the factory for taking prospective customers to Silverstone for hot laps. Unlike other paeans, Pogson says it took him time to overcome misgivings about the red-headed classic, like how it wasn't very fast and would "run out of brakes" on the track, but he's come around to it. The video above is just a teaser for a longer Drive video behind a pay wall, so don't expect fireworks, but do expect some mighty exhaust noises. And since we're here celebrating, below we've included a MotorWeek Retro Review of the Testarossa from 1998, and another of Chris Harris driving a 1992 512TR. Harris likes it so much he says five words in the whole vid. And the coupe really does look better when you wear a white suit, even a horribly wrinkled one. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Drive via YouTube Ferrari Coupe Luxury Performance Classics Videos chris harris drive ferrari testarossa

LaFerrari XX to pack 1,050 hp

With 949 horsepower on tap, it would be hard to imagine Ferrari getting much more juice out of the 6.3-liter V12 hybrid powering its LaFerrari. But apparently, it's possible, as reports suggest that the forthcoming LaFerrari XX will pack somewhere closer to 1,050 hp.
This according to Top Gear, which reports that the successor to the Enzo-based FXX and the subsequent 599XX will be revealed next month in Abu Dhabi at the company's year-end Finale Mondiali extravaganza - the same event where, in years past, Ferrari has presented such extreme machines as the 458 Challenge Evoluzione, the aforementioned 599XX and the FXX Evoluzione.
When the subject of a LaFerrari XX first came up several months ago, Antonello Coletta - head of the department responsible for the XX program - said he couldn't picture the track version of the company's flagship hybrid hypercar being much faster or more powerful than the existing version. But where there's a will, there's a way. TG reports that the extra hundred horses have been corralled in the V12 and not in the electric motor, which will reportedly carry over essentially unchanged from the road-going model.