Advertisement
Canada markets close in 4 hours 22 minutes
  • S&P/TSX

    22,178.65
    +71.57 (+0.32%)
     
  • S&P 500

    5,252.82
    +4.33 (+0.08%)
     
  • DOW

    39,774.94
    +14.86 (+0.04%)
     
  • CAD/USD

    0.7387
    +0.0014 (+0.19%)
     
  • CRUDE OIL

    82.62
    +1.27 (+1.56%)
     
  • Bitcoin CAD

    96,172.92
    +2,433.45 (+2.60%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,236.40
    +23.70 (+1.07%)
     
  • RUSSELL 2000

    2,128.34
    +13.99 (+0.66%)
     
  • 10-Yr Bond

    4.1910
    -0.0050 (-0.12%)
     
  • NASDAQ

    16,395.17
    -4.35 (-0.03%)
     
  • VOLATILITY

    12.98
    +0.20 (+1.56%)
     
  • FTSE

    7,969.74
    +37.76 (+0.48%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • CAD/EUR

    0.6834
    +0.0029 (+0.43%)
     

Ferrari gets 2.5 billion euros in funding

A Ferrari logo is seen on a Ferrari outside the New York Stock Exchange October 21, 2015. REUTERS/Brendan McDermid (Reuters)

MILAN (Reuters) - Luxury sports car maker Ferrari <RACE.N> has signed contracts to raise 2.5 billion euros in debt which will use in part to refinance debt owed to Fiat Chrysler Automobiles <FCHA.MI> as it moves towards separation from its parent company.

Ferrari said on Monday it had agreed with a pool of 10 banks a 12-month bridge loan and a five-year term loan worth in total 2 billion euros ($2.11 billion).

It has agreed also a five-year revolving credit facility worth 500 million euros.

Ferrari said the maturity of the bridge loan could be extended by another six months. The company plans to refinance it ahead of maturity with longer term debt, either by tapping markets or through other financing transactions.

($1 = 0.9458 euros)

(Reporting by Francesca Landini, editing by Valentina Za)