Ferrari secures €350 million revolving credit facility

Ferrari N.V. (NYSE/EXM: RACE) signed a €350 million unsecured revolving credit facility with a consortium of twelve banks, the company announced December 3. The facility is designated for general corporate and working capital purposes.

The new credit arrangement spans five years with two additional one-year extension options. Ferrari can exercise these extensions on the first and second anniversary dates, subject to individual bank approval for their participation.

This facility replaces Ferrari's existing €350 million revolving credit facility that was scheduled to mature in December 2026, which has been cancelled. The company stated the new arrangement provides a lower cost of capital compared to the previous facility.

The credit facility represents continued support from Ferrari's international banking relationships, according to the company's statement.

You May Also Be Interested In

• CoStar Group acquires Zonda for $800M, adding new home data
• Elroy Air wins $46M U.S. Army contract for cargo drone system
• reAlpha completes $8.5M InstaMortgage acquisition