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Ferrari, Mercedes selling cars with faulty Takata airbags

According to the US Senate, a small group of automakers are still selling new cars with faulty Takata airbags. Automotive News reports that Ferrari's entire lineup and various Mercedes-Benz vehicles come with faulty airbags and are subject to being recalled by the end of 2018. US Senator Bill Nelson, (D-FL), claims the affected Ferrari models include: the 2016 to 2017 FF, California T, F12 Berlinetta, F12 TdF, 488 GTB, 488 Spider, and GTC4 Lusso. Mercedes-Benz is also in the mix with the 2016 Sprinter and 2016 to 2017 E-Class Coupe and Convertible. Automotive News reports that both Ferrari and Mercedes-Benz will require its dealers to notify buyers of a recall in the vehicles' future. The National Highway traffic Safety Administration claims the vehicles are legal to be sold, as the airbags are safe until exposed to high humidity for a significant period of time. With the majority of Ferrari drivers storing their vehicles in temperature-controlled garages, this shouldn't be troubling news. What is troubling, however, is that seven out of 17 automakers that Senator Nelson contacted admitted to putting defective Takata airbags into its new cars. Volkswagen, Fiat Chrysler Automobiles, and Toyota are a few automakers that still use Takata's faulty airbags. All have agreed to notify buyers of future recalls. Related Video: News Source: Automotive News-sub.req.Image Credit: Copyright 2015 Lorenzo Marcinno / AOL Government/Legal Recalls Ferrari Mercedes-Benz ferrari ff ferrari f12 berlinetta ferrari 488 gtb ferrari california t ferrari f12 tdf ferrari 488 spider ferrari gtc4 lusso

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.

Ferrari families have 'agreement' to prevent takeover

With its initial public offering already a massive success, Ferrari is now officially a publicly traded company on the New York Stock Exchange. While anyone can buy those shares, don't expect investors to take control away from some of the top owners of the Prancing Horse anytime soon. To maintain their power, Enzo Ferrari's son, Piero, and Exor chairman John Elkann will sign a deal guaranteeing themselves nearly half of the automaker's voting rights, Bloomberg reports. As part of this arrangement, shareholders that agree to hang onto Ferrari stock for at least three years would receive additional voting rights in the company, and that would give Piero and Elkann a combined 48.7 percent of the automaker by banding together. While not quite complete control, the move should be enough to prevent a takeover of the business. "We have an agreement among the families to protect our interests in Ferrari," Piero said to Bloomberg. This agreement won't really become a concern until next year because only 10 percent of Ferrari will be traded for now. FCA will distribute another 80 percent to its shareholders in early 2016, and Elkann's Exor will be getting the largest portion of the Prancing Horse in the spin-off. Meanwhile, Piero holds the remaining 10 percent but has absolutely no intention to sell his stake in his father's business. The newly public Ferrari will push to grow volume with a goal of moving 9,000 vehicles annually by 2019. To reach that 30-percent boost, expect to see a new model every year, and some of them might use a new, modular platform that's reportedly under development. Related Video: