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Ferrari ups cap, to accept all €199.04 million 1.5% notes due 2025 tendered in offer
By Mary-Katherine Stinson
Lexington, Ky., July 14 – Ferrari NV gave results of its cash tender offer in which holders of its outstanding €650 million 1.5% notes due May 27, 2025 (ISIN: XS2180509999) were invited to tender their notes for purchase for cash up to an aggregate nominal amount of €175 million, according to a press release.
As of the expiration of the offer at 11 a.m. ET on July 13, Ferrari reported that €199,037,000 of the notes were tendered for purchase.
The company stated its non-binding intention to accept for purchase all €199,037,000 tendered notes without proration and to set that as the maximum acceptance amount.
The company will also pay accrued interest.
Pricing will be set at or around 8 a.m. ET on July 14.
As previously reported, the purchase price will be based on the interpolated mid-swap rate and a purchase spread of negative 10 basis points.
As soon as practicable, the company will announce whether it will accept valid tenders of the notes and, if so, the final aggregate nominal amount of notes that it will accept for purchase, the interpolated mid-swap rate, the purchase yield, the purchase price, and the nominal amount of notes that will remain outstanding.
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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