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Ferrari tenders for 250 million of 0.25%, 1.5% notes due 2021, 2023
By Wendy Van Sickle
Columbus, Ohio, July 5 Ferrari NV tendered for up to 250 million of two series of notes, according to a press release.
The notes include Ferraris 700 million 0.25% notes due Jan. 16, 2021 and its 500 million 1.5% notes due March 16, 2023.
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 purchased 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 midswap rate plus 65 bps and will be set at 8 a.m. ET on July 12.
Holders will also receive accrued interest.
The offers will expire at 11 a.m. ET on July 11.
The company said it will determine the allocation of notes accepted for purchase between the two series and may accept significantly more, less or none of the notes of either series.
Tender istructions must be submitted in minimum denominations of 100,000 and in integral multiples of 1,000 in excess thereof.
Ferrari said the offers are being made in order to proactively manage its upcoming redemptions and debt maturity profile. The company intends to cancel all notes accepted for purchase under the offers.
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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