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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.

Pontiac Aztek enjoys rebirth thanks to Millennials

Apparently, Millennials – those between 18 and 34 – aren't afraid to look different on the road, and they like performance, too. A new study by Edmunds is discovering some surprising vehicle choices by this group. Among them, the long-derided Pontiac Aztek is getting a new day in the sun with 25.5 percent its buyers coming from this generation in the first half of 2015. For comparison, Millennials represent an average of 16.8 percent of used car purchases. The Aztek is slowly shaking its reputation as a styling abomination, which seems tied to its appearance on Breaking Bad. The show premiered in 2008, and the Pontiac has been on this list for four of the past five years, according to Edmunds. It even led the pack in 2010. A recent Retro Review from MotorWeek also showed that the crossover wasn't always so hated. While it's still a shock to see the Aztek on any popularity list, the awkward-looking crossover only ranks sixth among Millennials. The vehicle with the biggest portion of buyers from the generation is the Dodge Magnum with 27.6 percent. According to Edmunds, the bluntly styled wagon is especially popular in Detroit and Chicago. The Chrysler Pacifica comes in a close second at 27.3 percent. When it comes to used cars, value and utility appear to trump just about anything else for many Millennial buyers," Edmunds analyst Jeremy Acevedo said in the report. Young buyers aren't afraid of sporty rides, either. The Subaru WRX has 26.4 percent Millennial buyers to rank third place on the list, and the Volkswagen R32 takes fifth at 25.7 percent. Just a few points lower in seventh place is the Nissan GT-R at 25.4 percent, and the final performance machine in 10th place is the Lexus IS-F with 24.7 percent. Related Video:

Chrysler 200 subtitles performance in latest round of advertising

Every once in a while, we come across a car video narrated in a foreign language and subtitled in English. They usually center on foreign-made automobiles, but this latest series of videos comes straight from Detroit.
Airing for the first time during's NFL broadcasts, these four commercials for the 2015 Chrysler 200 were produced by Wieden + Kennedy Portland - the same advertising firm that created the now-legendary Eminem spot for the last-generation 200.
Each clip in the "Ready to Take on the World" campaign highlights a different aspect of the American sedan and is narrated in Japanese, German or Swedish - each with English subtitles - associating the 200's Japanese level of quality, German performance and Swedish safety standards. But while the clips are ostensibly set in Japan, Germany and Sweden, Automotive News reports that they were actually filmed at home in the US.