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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.

Junkyard Gem: 1986 Chrysler Fifth Avenue

Chrysler started putting the New Yorker name on its top-end luxury dreadnaughts all the way back in the early 1940s. When it came time to pitch an even more exclusive New Yorker, what street did Chrysler choose for its name in 1979? Exactly. The Fifth Avenues started out as Plymouth Gran Fury siblings, then switched to the smaller M-Body Dodge Diplomat platform for the 1982-1989 model years. Here's a padded-landau-roof-equipped '86 Fifth Avenue, spotted in a San Francisco Bay Area self-service wrecking yard. Though the Fifth Avenue started life as a option package for the New Yorker, Chrysler ditched the New Yorker badging on these cars after the 1983 model year (while applying it, confusingly, to the Chrysler-badged front-wheel-drive E-Body). Perhaps this was due to certain Chrysler-demographic-terrifying developments in New York-based popular culture around that time. 1970s styling touches were still going strong in mid-1980s Detroit, and this car has lots of fake wood and button-tufted vinyl inside, with this stainless-trimmed padded landau roof outside. Mechanically speaking, it's a Dodge Diplomat, complete with 140-horsepower 318-cubic-inch (5.2 liter) V8, rear-wheel-drive, and three-speed automatic transmission. The Diplomat was a sturdy and reliable machine, but the $14,910 Fifth Avenue sticker price was a lot to pay for a Diplomat with some extra gingerbread, especially when the Diplomat listed at $10,086. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The Diplomat was a very popular choice for American law-enforcement duties during the 1980s, and the chase scene from Short Time shows a slightly exaggerated depiction of its tough construction. It's a shame that the filmmakers couldn't find a way to use a Fifth Avenue instead. For 1990, the Fifth Avenue name went onto a stretched version of the front-wheel-drive K Platform, then disappeared after 1993. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. "I enjoy making money... and spending it. But not foolishly." Related Video:

The 2017 Pacifica Hybrid is finally heading to dealers after delays

Did you order a Chrysler Pacifica Hybrid some time ago? Chances are you might be getting it soon-ish. Production of the hybrid Pacificas started way back in December, but for an undisclosed reason FCA chose not to ship the finished cars to dealers. It hints of a hitch somewhere in the production, but perhaps it's best for the manufacturer to get the cars right the first time rather than face customer wrath. Detroit Free Press says the minivans started shipping to dealers on Monday, after months of delays, and that there have been 700 orders for the Pacifica Hybrid by April 7th. As a FCA representative said to DFP: "As with all launches, but particularly in the case of this technically advanced vehicle, we are taking great care to ensure that the Pacifica Hybrid comes off the line with the highest quality possible. We will only introduce a vehicle when we are fully satisfied the vehicle meets or exceeds customer expectations." FCA hasn't disclosed how many of the delayed hybrids have been shipped. Any customer who has ordered a Pacifica Hybrid before March 30 th is eligible for either a Visa gift card worth $500 or a 240-volt Level 2 charger, which should charge the van's li-ion batteries in two hours. The Pacifica Hybrid is the first plug-in hybrid vehicle in its class, and it reportedly has a range of 566 miles, returning 84 mpg. Related Video: News Source: Detroit Free PressImage Credit: FCA Chrysler Minivan/Van