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Ferrari: obtains new 350 million euro credit facility

( - Ferrari has refinanced and reduced an existing 500 million euro revolving credit facility, cutting it to 350 million euros, the Italian sports carmaker said on Thursday.

The new loan, entered into with a consortium of twelve banks, will mature in five years' time and has two further one-year extension options, offering a lower cost of capital, the Maranello-based company said.

It will be used for general corporate and working capital purposes, it said.

This facility replaces a 500 million euro revolving credit facility due in November 2020, which has been cancelled, Ferrari added.

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