Ferrari enters into new EUR 350M credit facility
Ferrari announces that it has signed a EUR350M unsecured committed revolving credit facility, or New RCF, intended for general corporate and working capital purposes. The New RCF, entered into with a group of twelve banks, has a five-year tenor with two further one-year extension options, exercisable on the first and second anniversary of the signing date on Ferrari's request and on each bank's approval for its participation. This facility replaces the EUR500M committed revolving credit facility due November 2020, which has been cancelled. The New RCF provides a lower cost of capital as compared to the prior facility and confirms the support that Ferrari receives from a large panel of international key relashionship banks. Its lower size reflects an overall evaluation of the optimal capital structure of the company going forward.