Ferrari begins tender offer for up to €175 million 1.5% notes due 2025

By Marisa Wong

Los Angeles, July 6 – Ferrari NV is inviting holders of its outstanding €650 million 1.5% notes due May 27, 2025 (ISIN: XS2180509999) to tender their notes for purchase for cash up to an aggregate nominal amount of €175 million, according to a press release.

The purchase price will be based on the interpolated mid-swap rate and a purchase spread of negative 10 basis points.

The company will also pay accrued interest.

The company said it reserves the right to increase or decrease the maximum acceptance amount.

Tenders may be subject to proration.

The company intends to cancel all notes that have been accepted for purchase.

The offer will expire at 11 a.m. ET on July 13.

Indicative results will be announced around 5 a.m. ET on July 14.

Pricing will be set at or around 8 a.m. ET on July 14. Final results and pricing will be announced soon after the pricing time.

Settlement is slated for July 18.

Banco Santander, SA (LiabilityManagement@GrupoSantander.com), BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com) and Citigroup Global Markets Ltd. (+44 20 7986 8969; liabilitymanagement.europe@citi.com) are acting as dealer managers for the offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; ferrari@is.kroll.com; https://deals.is.kroll.com/ferrari) is tender agent.

Ferrari is a luxury sports car manufacturer based in Maranello, Italy.

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