Ferrari has announced it has entered into a $2.64 billion syndicated loan facility in order to bankroll its departure from parent company Fiat Chrysler Automobiles.
The loans, which are valued at 2.5 billion euros, will be split between a $2.12 billion ‘Term Loan’ and a $529 million revolving credit facility. Ferrari will use the Term Loan to “to refinance indebtedness owing to Fiat Chrysler Automobiles N.V. and other indebtedness and for other general corporate purposes,” the automaker says, while the remaining credit will be used ” from time to time for general corporate and working capital purposes of the Ferrari group.”
Ferrari is said to be planning on paying parent company Fiat Chrysler $2.38 billion following its separation from the automaker, a sum the $2.64B loan should cover with no issue. As states by Ferrari, the loan represents “a further step towards the separation of Ferrari from the FCA Group.”