PIRELLI BOARD APPROVES NEW SUSTAINABILITY-LINKED BANK LINE OF 400 MILLION EURO
FINANCIAL STRUCTURE OPTIMIZED, DEBT MATURITIES COVERED UNTIL FIRST HALF OF 2024
Milan, 22 June 2022 – The Board of Directors of Pirelli met today and approved the underwriting with a select pool of international banks of a sustainability-linked credit line for an amount up to 400 million euro, with a 19-month maturity that enables the further optimization of the group’s financial structure. The new line, to be used to reimburse part of the debt maturing in 2023, contributes to preserving the liquidity margin, with debt maturities covered until the first half of 2024.
The new line is benchmarked to Pirelli’s target for the reduction of absolute greenhouse gas emissions from raw materials purchased (Scope 3), validated by the Science Based Targets initiative (SBTi) and contained in Pirelli’s first “Sustainability-linked financing Framework”, the document containing the company’s guidelines and commitments to stakeholders relative to sustainable finance.
In addition, the Board updated the resolutions regarding the issue of bond loans of 1 billion euro as part of the 2 billion euro EMTN program, revoking the decision approved on 23 February 2022 and simultaneously approving a new one for the issue, always in the context of the EMTN program, of non-convertible bond loans up to 1 billion euro to be placed with institutional investors and executed by May 2023 to take into account the changed market conditions and interventions - already carried out or foreseen – by central banks.