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Ferrari borrows $2.6 billion to finance FCA spinoff

Ferrari announced Monday that it is borrowing about $2.6 billion to finance its spinoff from Fiat Chrysler Automobiles. Here's how it breaks down: Ferrari NV, the automaker's parent company based in the Netherlands, is taking out loans totaling 2.5 billion euros. That's equivalent to $2.64 billion at current exchange rates, and is divided between a term loan of $2.12 billion and a revolving credit facility of $529 million. The larger term loan "will be used to refinance indebtedness owing to Fiat Chrysler Automobiles," among other purposes. That ought to constitute the lion's share of the $2.38 billion which the Prancing Horse marque was, according to reports last year, slated to pay its current parent company in order to help FCA fund its ambitious growth plans. The separate line of credit is earmarked "to be used from time to time for general corporate and working capital purposes of the Ferrari group." Though Ferrari is not expected to take any other Fiat Chrysler properties with it, the "group" in this case would include its various financial services and distribution arms around the world that may have been separately incorporated. As noted in the statement below, the financial arrangement "represents a further step towards the separation of Ferrari from the FCA Group," following the separate stock issues from both companies as independent from each other. FERRARI N.V. SIGNS ˆ2.5 BILLION SYNDICATED CREDIT FACILITY Ferrari N.V. (NYSE: RACE) ("Ferrari") announced today that it has entered into a ˆ2.5 billion syndicated loan facility with a group of ten bookrunner banks. The facility comprises a bridge loan (the "Bridge Loan") and a term loan (the "Term Loan") of ˆ2 billion in aggregate and a revolving credit facility of ˆ500 million (the "RCF"). Proceeds of the Bridge Loan and Term Loan will be used to refinance indebtedness owing to Fiat Chrysler AutomobilesN.V. (NYSE: FCAU) ("FCA") and other indebtedness and for other general corporate purposes. Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Ferrari group. The Bridge Loan has a 12 month maturity with an option for Ferrari to extend once for a six-month period. Ferrari intends to refinance the Bridge Loan prior to its maturity with longer term debt, including through capital markets or other financing transactions. The Term Loan, which comprises a majority of the total facility, and the RCF each have a maturity of five years.

Chrysler recalls 162,000 Pacifica minivans over stalling fears

Fiat Chrysler Automobiles said on Friday it was recalling more than 162,000 2017 Chrysler Pacifica minivans because a software glitch may cause the vehicles to stall. The Italian-American automaker said one accident had potentially been linked to the defect. Under a rare set of conditions, a vehicle's engine control module may incorrectly assess the engine's operating status and cause it to stall, Fiat Chrysler said. Dealers will update the engine control software, the company said, adding that most incidents associated with the glitch took place at low speeds or when the vehicles were starting up. The Center for Auto Safety, a consumer advocacy group, petitioned the U.S. National Highway Traffic Safety Administration in November to investigate the issue after it said at least 50 owners had reported stalling in new Pacifica minivans. The agency asked Fiat Chrysler to answer questions about the stalling last month. Fiat Chrysler said it had begun investigating the issue before the petition was filed. The recall includes nearly 154,000 vehicles in the United States and more than 8,000 others around the world, but the company did not immediately say when the new software would be available. Hybrid gas-electric versions of the minivans are not included in the recall. (Reporting by David Shepardson; Editing by Tom Brown)Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2017 Chrysler Pacifica First Drive

2022 Chrysler Pacifica Hybrid loses base Touring trim, starts at $48,255

The Chrysler Voyager is going fleet-only for 2022 while the standard 2022 Pacifica picked up some price hikes and some gains and losses in the equipment department. Time to dish on the 2022 Pacifica Hybrid, which, unsurprisingly, follows the majority of the non-hybrid Pacifica template. Mopar Insiders got info on pricing for the revisions Chrysler made to the lineup. The most important change to the overall Pacifica range, according to MI, is that model and option rationalization leaves just 53 combinations instead of the previous 3,550. That's way more than the Honda Odyssey at just seven permutations, but well behind the Toyota Sienna that has 206. The 3.6-liter Pentastar V6 and its eFlite variable transmission don't change, nor does the inability to spec all-wheel drive. What does get added are the new rear-seat reminder and Clean Air Filtration system that Stellantis is sprinkling throughout all its models. That filtration unit captures 95% of particulates in the air including bacteria, allergens, and pollen. The color palette goes the same way as on the non-hybrid Pacifica, dropping from 10 free colors to seven with just three free. Only Bright White, Brilliant Black, and Ceramic Grey will be no charge. Granite Crystal and the new Silver Mist, which replaces Billet Silver, will cost $95. Fathom Blue and Velvet Red will cost $395.   Product planners pulled the AWD option on the non-hybrid Pacifica Touring. For the hybrid, the Touring trim gets pulled completely, and in fact, it's already happened for the end of 2021. That makes the Touring L the new base model, and it makes this year's optional $995 Safety Sphere Group standard equipment for next year. That installs features like ParkSense for front, parallel, and perpendicular parking, and a 360-degree surround view camera. Conversely, the roof rack and side sunshades won't come as standard equipment anymore. MI says next year's MSRP will be $48,255 after the $1,495 destination charge. Comparing that price to the MSRP on Chrysler's 2021 configurator, next year's van will bring a $1,840 increase over 2021.  Next year's Limited trim will add the $1,895 Premium and Safety Sphere Group as standard equipment. The package adds the parking aids from above as well as a 19-speaker Harman Kardon audio system with a 760-watt amplifier. There's a change up top, though, this trim giving up its three-pane sunroof for a dual-pane sunroof, as well as shedding the side sunshades.