Ferrari prices tender for two series, accepts €315.4 million notes

By Wendy Van Sickle

Columbus, Ohio, July 12 – Ferrari NV announced pricing and the results of its cash tender offers for two series of notes, which ended at 5 p.m. on July 11.

The company received €456,530,000 tenders of 0.25% notes due Jan. 16, 2021 and accepted €200 million of those tenders at a proration factor of 44.4819%, and it received and accepted tenders of €115,395,000 of 1.5% notes due March 16, 2023.

The company set the maximum acceptance amount at €315,395,000, up from 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%.

The purchase price for the 2021 notes will be 100.679. The purchase price was calculated at a purchase yield of negative 20 basis points.

The purchase price for the 2023 notes will be 104.186, which was based on the interpolated mid-swap rate plus 65 bps as of 8 a.m. ET on July 12.

Holders will also receive accrued interest.

Following settlement, which is expected to occur on July 16, €500 million of the 2021 notes and €384,605,000 of the 2023 notes will remain outstanding.

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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