Ferrari announces final results in tender offer for 1.5% notes

By Mary-Katherine Stinson

Lexington, Ky., July 14 – Ferrari NV announced the final results and pricing of the cash tender offer for its outstanding €650 million 1.5% notes due May 27, 2025 (ISIN: XS2180509999), 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, which exceeded the initial cap of €175 million.

The company will purchase all €199,037,000 tendered notes at 96.011 to yield 3.761%.

As previously reported, the purchase price was based on the interpolated mid-swap rate of 3.861% and a purchase spread of negative 10 bps.

The company will also pay accrued interest.

After settlement, €450,963,000 of the notes 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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