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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 launches 2014 Formula One engine, tests it in a LaFerrari? [w/videos]

Ferrari is the last of the three engine manufacturers remaining in Formula One to reveal its 2014 power unit. Called the 059/3, like the Mercedes and Renault units it is a turbocharged, 1.6-liter V6 further boosted by an energy recovery system that is twice as powerful as before. The 2013 KERS was good for 80 horsepower, could power the car for six seconds and reduce a lap time by about 0.3 seconds. For 2014, the energy recovery system puts out 160 hp, powers the car for 30 seconds on full batteries and, according to Ferrari, can shave a massive three seconds per lap.
The car that surrounds this engine doesn't have a name yet - that will be chosen by Ferrari's social media followers in January from a selection of names provided by the Scuderia.
Ferrari didn't provide an audio sample of the power unit at its introduction, but a brief video taken at Fiorano has led folks to believe that the team has been testing the engine in a revised LaFerrari chassis. The clip shows a camouflaged version of the marque's new supercar fitted with a roof intake and sounding nothing at all like a V12 as it takes the hairpin and powers onto the straight.

Can the Dark Knight pull off Enzo Ferrari?

Christian Bale is taking another role where he gets to be in close contact with cool cars. The former Batman has reportedly been cast as Enzo Ferrari in a biopic about the legendary automotive figure that's being directed by Michael Mann, according to Deadline Hollywood. Production is set to begin next summer. The film allegedly takes place in 1957 and is possibly related to the fatalities of 11 people that year in a Ferrari crash at the Mille Miglia. According to Road & Track, the story also might be based on the book Enzo Ferrari: The Man, The Cars, The Races, The Machine. Mann has been trying to get the tale of the sports car magnate made for years, and had previously been negotiating to direct a movie adapting the book Go Like Hell about Ford and Ferrari's epic rivalry at Le Mans in the '60s. Bale's casting seems like a challenge, though. The British actor certainly doesn't look much like Ferrari. Also, he's currently 41, whereas il Commendatore was 59 in 1957. Mann's film already has challenger, too. Robert de Niro is also developing a Ferrari biopic in Italy, and he's taking the starring role. That movie would reportedly tell the story of the sports car company from its founding through Enzo's death in 1988. Here's hoping both of them make it to theaters; the auto industry titan's life is plenty fascinating enough to support more than one big-screen tale. Related Video: