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Ferrari family won't sell stake in company

Ferrari may be splitting off from the Fiat Chrysler Automobiles group and launching its IPO independently, but those stocks it's going to float are coming out of Fiat's hands. The small portion still held by the Ferrari family looks destined to stay in their control for the time being. According to the latest report from Reuters, Enzo's son Piero says he has no intention of selling any of the 10 percent interest he and his family hold in the company founded by his late father. "I have never sold and I have no intention of doing so," said Piero, as quoted in the report. Piero Ferrari is the illegitimate son of Enzo Ferrari and his mistress Lina Lardi. His half-brother Dino died in his twenties from complications associated with muscular dystrophy, and in accordance with Italian custom, Piero was only acknowledged as Enzo's heir after the death of the father in 1988. Representing the family's holdings, Piero still acts as vice-chairman of the company but devotes his day-to-day to running aerospace manufacturer Piaggio Aero. News Source: ReutersImage Credit: Marco Vasini/AP Earnings/Financials Ferrari stock piero ferrari

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.

The Ferrari FF is now the GTC4 Lusso

As groundbreaking as it might have been when it debuted in 2011, the FF was never the best-looking Ferrari in the fleet. And at five years old, it's now the oldest as well. But Maranello is out to correct that with the new model you see here. Dubbed the GTC4 Lusso, the updated version of the FF is not only better-looking than the model it replaces, but packs some innovations under its slightly sharper coachwork as well. It debuts next month at the Geneva Motor Show. The 6.3-liter V12 carries over in naturally aspirated guise, but now produces 680 hp and 514 lb-ft. That's a marked improvement over the existing ratings of 651 horsepower and 504 pound-feet of torque. It still stops short of threatening the more focused F12 Berlinetta with its 730 hp and 509 lb-ft. The muscle still meets the road through the only all-wheel drive system that Ferrari has ever made, but now integrates four-wheel steering as well, like we saw on the F12 TdF. The 4RM-S system works in tandem with Slip Side Control 4.0, integrating the electronic differential and adaptive dampers to keep this horse prancing on no matter the conditions. No mention was made of the transmission, but we're likely dealing with the same seven-speed DCT as its predecessor. Regardless, the sum total is a 0-62 time quoted at 3.4 seconds and a top speed of 208 miles per hour. The revised mechanical bits, as you can see, are wrapped in new sheetmetal. It all looks tauter, more sculpted, and more aggressive than some of the rounded forms of the FF, and the interior has been updated as well. The key change is at the back of the greenhouse. Often derided as somewhat awkward and ungainly, the fastback roofline is lowered with the kink at the back of the side glass flipped, a spoiler added at the trailing edge of the roof, and the twin taillights replaced by four. THE FERRARI GTC4LUSSO DEBUTS AT THE GENEVA SHOW - The Ferrari GTC4Lusso debuts at the Geneva Show: class-leading performance, versatility in all driving conditions, sublime elegance. - A unique car, a whole new world Maranello, 8 February 2016 – Ferrari announces the addition to its range of the Ferrari GTC4Lusso, the new four-seater which hails a major evolution of the sporting Grand Tourer concept by integrating rear-wheel steering with four-wheel drive for the first time.