Ferrari signs downsized €350 million five-year revolving facility

By Wendy Van Sickle

Columbus, Ohio, Dec. 11 – Ferrari NV signed a new €350 million unsecured committed revolving credit facility, intended for general corporate and working capital purposes, with 12 banks on Wednesday, according to a news release.

The new revolver has a five-year tenor with two one-year extension options, exercisable on the first and second anniversary of the signing date.

This facility replaces the €500 million committed revolver due November 2020, which has been canceled.

The new revolver provides a lower cost of capital over the prior facility. Its lower size reflects an overall evaluation of the optimal capital structure of the company, Ferrari reported.

The car manufacturer is based in Maranello, Italy.

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