Ferrari N.V. announces final results of the cash tender offers on certain series of its euro notes
July 12 2019 - 9:18AM
Maranello, Italy 12 July 2019 - Ferrari N.V.
(NYSE/MTA: 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
€700,000,000 0.250 per cent. Notes due 16 January 2021 (ISIN:
XS1720053229) (the 2021 Notes), and the Company’s
outstanding €500,000,000 1.500 per cent. Notes due 16 March 2023
(ISIN: XS1380394806) (the 2023 Notes and, together with the
2021 Notes, the Notes) to tender their Notes for purchase by
the Company for cash (the Offers and each an
Offer).
The Offers were announced on 4 July 2019 and
were made on the terms and subject to the conditions set out in the
tender offer memorandum dated 4 July 2019 (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 Company hereby announces that it accepts for
purchase valid tenders of the 2021 Notes pursuant to the relevant
Offer for an aggregate nominal amount of €200,000,000 and the 2023
Notes pursuant to the relevant Offer for an aggregate nominal
amount of €115,395,000. The final Maximum Acceptance Amount,
originally set at €250,000,000, shall be increased to
€315,395,000.
The following table sets out the final results
in respect of the 2021 Notes and the 2023 Notes. No further
announcements of results are expected to be made.
Notes |
ISIN |
Series Acceptance Amounts |
Nominal amount outstanding after the Settlement
Date |
Pro-Ration Factor (if any) |
Interpolated Mid-Swap Rate |
Purchase Yield |
Purchase Price |
2021
Notes |
XS1720053229 |
|
|
- 4819%
|
- /a
|
|
- 679%
|
2023
Notes |
XS1380394806 |
|
|
- /a
|
|
0.349% |
- 186%
|
The Accrued Interest for the 2021 Notes accepted
for purchase is 0.124% and the Accrued Interest for the 2023 Notes
accepted for purchase is 0.500%.
The total amount that will be paid to each
Noteholder on the Settlement Date for the Notes of such Series
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:
- the product of (i) the aggregate nominal amount of the Notes of
such Series of such Noteholder accepted for purchase from such
Noteholder pursuant to the relevant Offer and (ii) the relevant
Purchase Price; and
- the relevant Accrued Interest Payment on such Notes.
The expected Settlement Date for the Offers is
16 July 2019.
- PR Monza Final Results ENG 12.7.19
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