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Ferrari lifts acceptance amounts for cash tender of two series of notes
By Rebecca Melvin
New York, July 12 – Ferrari NV announced the indicative results of its cash tender offers, which ended at 5 p.m. on July 11.
The company has received €456,530,000 of tendered 0.25% notes due Jan. 16, 2021, of which the indicative acceptance amounts to €200,000,000; and it has received €115,395,000 of tendered 1.5% notes due March 16, 2023, which equals the indicative acceptance amount.
The company intends to set the maximum acceptance amount at €315,395,000, compared to the July 4 tender announcement for up to €250 million of the two series of notes.
The indicative pro-ration factor for the 2021 notes is 44.4819%.
As previously reported, assuming a settlement date of July 16, the purchase price for the 2021 notes will be 100.679. If the settlement date is postposed, the purchase price will be recalculated at a purchase yield of negative 20 basis points.
The purchase price for the 2023 notes will be based on the interpolated mid-swap rate plus 65 bps and will be set at 8 a.m. ET on July 12.
Holders will also receive accrued interest.
Citigroup Global Markets Ltd. (44 207-986 8969 or liabilitymanagement.europe@citi.com), Credit Agricole CIB (44 207 214 5733 or liability.management@ca-cib.com), Mediobanca – Banca di Credito Finanziario SpA (39 02 882-9554 or MB_LM_CORP_IT@mediobanca.com) and Morgan Stanley & Co. International plc (44 20 7677 5040 or liabilitymanagementeurope@morganstanley.com) are the dealer managers for the offers.
Lucid Issuer Services Ltd. (44 20 7704 0880 or Ferrari@lucid-is.com) is the tender agent.
Ferrari is a luxury sports car manufacturer based in Maranello, Italy.
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