Maranello, Italy 14 July 2023 – Ferrari N.V. (NYSE/EXM: RACE) (Ferrari or the Company) hereby announces, on a non-binding basis, the indicative 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). The Offer expired at 5.00 p.m. (Rome time) on 13 July 2023 (the Expiration Deadline).
Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.
As at the Expiration Deadline, €199,037,000 in aggregate nominal amount of Notes were validly tendered for purchase pursuant to the Offer.
The Company hereby announces its non-binding intention to accept for purchase valid tenders of the Notes pursuant to the Offer for an indicative aggregate nominal amount of €199,037,000. The Company intends to set the Maximum Acceptance Amount at €199,037,000.
The Company intends to accept for purchase Notes validly tendered pursuant to the Offer in full, without pro rata scaling.
The Interpolated Mid-Swap Rate, the Purchase Yield, and the Purchase Price shall be determined at or around 2.00 p.m. (Rome time) today in the manner described in the Tender Offer Memorandum.
As soon as practicable after such determinations, the Company shall make a further announcement of whether it will accept valid tenders of the Notes pursuant to the Offer and, if so, (i) the final aggregate nominal amount of Notes that it will accept for purchase, (ii) the Interpolated Mid-Swap Rate, (iii) the Purchase Yield, (iv) the Purchase Price, and (v) the nominal amount of Notes that will remain outstanding after the Settlement Date.
The expected Settlement Date for the Offer is 18 July 2023.
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