FERRARI N.V. ANNOUNCES FINAL RESULTS OF THE CASH TENDER OFFER ON EURO NOTES

Rhea-AI Summary

Ferrari N.V. announces final results of its invitation to eligible holders of its outstanding €650,000,000 1.500 per cent. Notes due 27 May 2025 to tender their Notes for purchase by the Company for cash. The Company accepts valid tenders of the Notes for an aggregate nominal amount of €199,037,000.

Positive

• Ferrari accepts valid tenders of €199,037,000 for its outstanding Notes.

Negative

• None.

Maranello, Italy 14 July 2023 - Ferrari N.V. (NYSE/EXM: RACE) (Ferrari or the Company) hereby announces the final results of its invitation to eligible holders (subject to the offer restrictions referred to in the Tender Offer Memorandum (as defined below)) of the Company’s outstanding €650,000,000 1.500 per cent. Notes due 27 May 2025 (ISIN: XS2180509999) (the Notes) to tender their Notes for purchase by the Company for cash (the Offer).

 

The Offer was announced on 6 July 2023 and was made on the terms and subject to the conditions set out in the tender offer memorandum dated 6 July 2023 (the Tender Offer Memorandum).

 

Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

 

The Offer expired at 5.00 p.m. (Rome time) on 13 July 2023.

 

The Company hereby announces that it accepts for purchase valid tenders of the Notes pursuant to the Offer for an aggregate nominal amount of €199,037,000.

 

The Company will accept for purchase Notes validly tendered pursuant to the Offer in full, without pro rata scaling.

 

The following table sets out the final results in respect of the Notes. No further announcements of results are expected to be made.

Description of the Notes	ISIN	Aggregate nominal amount of Notes accepted for purchase	Nominal amount outstanding after the Settlement Date	Interpolated Mid-Swap Rate	Purchase Spread	Purchase Yield	Purchase Price
€650,000,000 1.500 per cent. Notes Due 27 May 2025	XS2180509999	€199,037,000	€450,963,000	3.861%	-10 bps.	3.761%	96.011%

The total amount that will be paid to each Noteholder on the Settlement Date for the Notes accepted for purchase from such Noteholder will be an amount (rounded to the nearest €0.01, with €0.005 rounded upwards) equal to the sum of:

 

1. the product of (i) the aggregate nominal amount of the Notes of such Noteholder accepted for purchase from such Noteholder pursuant to the Offer and (ii) the Purchase Price; and
2. the Accrued Interest Payment on such Notes.

The expected Settlement Date for the Offer is 18 July 2023.

Attachment

• Queen - Final Results Notice (ENG)

FAQ

What is the purpose of the announcement?

The announcement is about the final results of Ferrari's invitation to eligible holders of its outstanding Notes to tender their Notes for purchase.

How much was accepted for purchase?

Ferrari accepted valid tenders of the Notes for an aggregate nominal amount of €199,037,000.

What is the expected Settlement Date for the Offer?

The expected Settlement Date for the Offer is 18 July 2023.