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Ferrari building 350 unique special editions for its 70th anniversary

Ferrari has been in business since 1947, which makes 2017 the automaker's 70th birthday. To celebrate its old age, the company has reportedly decided to create 350 bespoke special editions, each different from the next. According to Autocar, the company made the announcement to 100 owners and collectors in Venice, Italy, last weekend during the Ferrari Cavalcade. The 350 unique models will come from Ferrari's current lineup, and will include 70 each of the California T, 488 GTB, 488 Spider, GTC4 Lusso, and F12 Berlinetta. The Italian automaker chose 70 of the most iconic vehicles from its past to inspire the upcoming special editions, with each of the 350 examples being unique. To get this level of exclusivity, the Tailor-Made division, which handles the company's extra-custom orders, will lend a helping hand in design. The hardest thing for Ferrari, however, won't be putting 350 unique models on the road, but deciding how to pick which owners and collectors get the opportunity to purchase them. According to Ferrari boss Sergio Marchionne, that is "the most difficult part of what I do." Yep, sounds like a tough job, turning away millionaires. Autocar reports that Ferrari will reveal the 350 special-edition models at the Paris Motor Show in October, but that sounds like a difficult task. We're guessing they won't all be present, but that would sure be a sight to see. Related Video:

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.

Model waves checkered flag too soon at F1's Canadian Grand Prix

MONTREAL — Formula One said on Sunday it will review its procedures after the Canadian Grand Prix ended in confusion and embarrassment when a celebrity waved the checkered flag a lap too soon. The gaffe did not affect the outcome of the race, which was won by Ferrari's Sebastian Vettel, but the German said he was left double-checking his lap counter while checking in with his pit before carrying on to run the full 70 laps. "Fortunately we had radio, fortunately I had the lap count in the car, and the pitboard was accurate — but if you lose radio and maybe the pitboard is not there, then you back off," said Vettel after notching his 50th career win. "I was just worried, I told them also on the last lap, then people don't jump on the track, waving flags and celebrating, because we're still going at full pace." The official results were later determined based on the 68th lap to avoid any impact the early flag might have had. Formula One race director Charlie Whiting said the error was caused by simple miscommunication between the official starter and crew in the starter's tower, which resulted in model Winnie Harlow — a friend of Mercedes world champion Lewis Hamilton — waving the flag prematurely. "It was a miscommunication between the start platform and the guy they call the starter here," explained Whiting. "He thought it was the last lap and asked them at the top to confirm it, they confirmed it. "They thought he was making a statement when in fact he was asking a question. "He told the flag waver to wave it a lap early. It was as simple as that, it wasn't anything to do with the fact it was a celebrity flag waver. "The celebrity was not to blame." Celebrities are often given the honor of waving the checkered flag at motor races, which has occasionally resulted in unintended flubs. Brazilian soccer great Pele famously reacted too late when Ferrari's Michael Schumacher won at Sao Paulo's Interlagos circuit in 2002, brandishing the flag instead as the later finishers appeared. While the incident on Sunday produced shrugs and even a few chuckles, there were also very real safety concerns, as course workers often come out of their safety areas to stand alongside the track waving flags. "We need to review procedures and make sure we have a very simple procedure for every circuit," added Whiting. "We're dealing with different human beings, different countries, different languages and it's not always absolutely perfect.