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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.

Ferrari California T gets sharper edge with Handling Speciale package

It's been about two years since Ferrari updated the California to T-spec with a 3.9-liter, flat-plane crank, twin-turbocharged engine, and we found it to be a suitable change – rewarding to drive, and compelling to experience. Now Ferrari has introduced a new handling option, which will debut at the upcoming Geneva Motor Show in March, which should add a sharper edge to the roadster. Like most handling packages, the springs and dampers get the most attention. The magnetorheological dampers fitted to the conventional California T get changes that increase their response time to changing road conditions. As before, damper settings are controlled via the steering wheel manettino, and the most aggressive change is to be found in the Sport setting. The front springs are stiffer – 16 percent up front, 19 percent in the rear – which will aid body control in all axes. Ferrari claims that, overall, the setup only marginally reduces the ride comfort. It'll take driving a Handling Speciale-equipped car to find out. The changes go beyond just handling hardware. Shifts are faster in Sport mode, both in automatic and manual modes, thanks to recalibrated transmission logic. Ferrari's engineers also found some additional corner exit speed by tweaking the F1-Trac stability control system's programming. The company claims this tweak also helps with acceleration on bumpy surfaces. Cosmetically, the California Ts with the Handling Speciale package will feature a matte grille, a rear diffuser with matte-painted fences, and matte black tailpipes. A special-edition plaque, located in the cabin, is also standard, Finally, in a very Italian move, the exhaust note has been recalibrated "to underline the performance gains." That is to say, if you don't happen to have a skidpad handy to do a direct measurement of the increase in cornering capability – which, it should be noted, Ferrari doesn't quantify – the sportier sound will serve as a psychological reminder. There's no claim that the new exhaust system changes the engine's output – cars so equipped make the same 553 hp at 7500 RPM as the model we tested back in 2014. Look for the Handling Speciale package to debut at the Geneva Motor Show.

Ferrari begins releasing official teasers for new supercar

Regardless of what it will be called, the successor to the Ferrari Enzo will be unveiled next week in Geneva, and like many other automakers, Ferrari will apparently be giving us a slow strip tease of the all-new hybrid supercar.
We've already seen a couple shadowy images of the car's face and rump, but the new shots - provided courtesy of the Ferrari Facebook page - are starting to show us some detail.
The only problem is that we don't exactly know what details we're looking at. In the shot above, that curvy, red real estate could belong to any number of body panels, while the second new teaser shows the Ferrari prancing horse logo with no indication of where on the car it'jk, s located.