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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.

nuTonomy beats Uber to market with self-driving taxi rides, and the latest Corvette ZR1spy shots | Autoblog Minute

Software developer nuTonomy beats Uber to market with self-driving taxi rides in Singapore. A 124 Coupe could soon join Fiat's roadster lineup, and we have the latest spy shots of the new Corvette ZR!. Senior Editor Greg Migliore reports on this edition of Autoblog Mintue. Senior Editor Greg Migliore reports on this edition of Autoblog Mintue. Show full video transcript text [00:00:00] Massachusetts based software company, nuTonomy, launched its self-driving taxi service in Singapore this week. nuTonomy specializes in developing software for self-driving cars. Testing of the companies ride-hailing smartphone app occurred in Singapore, where riders were able to book a free driverless ride. nuTonomy's robo-taxi fleet is comprised of Renault Zoes and Mitsubishi i-MiEVs. Engineers from nuTonomy were present at this public launch as a safety measure. [00:00:30] The company will now continue to collect data and conduct more testing with its self-driving cars in Singapore, Michigan and the United Kingdom. nuTonomy has plans to offer widely-available commercial service in Singapore in 2018. nuTonomy's aggressive play in Singapore has put Uber and its partner Volvo in the unlikely position of playing catch-up. Autocar reported this week that we should expect FCA to add a Coupe [00:01:00] to it's 124 roadster lineup. When? Well, seeing as the 124 Spider just recently made it US dealers we may have to wait until next year to see a hardtop Fiata. It's tough to predict what kind of performance we can expect out of a 124 Coupe but in the U.S. the Spider has 160hp using a 1.4-l turbocharged engine. So the car you see in these pictures is actually Fiat's 124 Rally car that will be used for competition. [00:01:30] Now that's not exactly how the street car will look but it gives you an idea of what a 124 with a fixed roof is gonna look like. This week we got another look at what we think is the Chevy Corvette ZR1 and its massive rear wing. Now to be clear, the images that we're seeing are actually demonstrations. The car was actually captured without the rear wing. However, our spy photographers photoshopped the wing, which we've seen before, on some of these new shots just so you could get [00:02:00] a sense of what the car looks like driving around in it's most recent state. Now we think this car will make more than 700hp, which is kind of a magic number. The Hellcats from Chrysler make 707 so certainly GM wants to beat them.

Chrysler Group moves around execs in wake of recent departure

Chrysler is busy shuffling executives around in the wake of Ram head Fred Diaz's departure. The automaker has named Reid Bigland (pictured, right) as Diaz's successor in the role of president and CEO of Ram, though Bigland will continue his duties as the head of US sales and the president and CEO of Chrysler Canada. Bigland first came to Chrysler in 2006 from Freightliner Custom Chassis Corporation, so the guy knows a thing or two about trucks.
Meanwhile, Timothy Kuniskis will take over as president and CEO of Dodge. Previously, he served as the head of Fiat in North America and has been with Chrysler in one capacity or another since 1992. His old title now falls to Jason Stoicevich, who will also continue to work as the director of the automaker's California Business Center. Finally, Bruno Cattori will take over as the president and CEO of Chrysler Mexico.
Diaz left his position to take over as a divisional vice president of sales and marketing with Nissan. You can read the full press release on the Chrysler personnel changes below for more information.