PIRELLI BUYS BACK AND CANCELS FURTHER 26.4 MILLION EURO OF 2023 BONDS
From the start of the mandate, which ends 14 December, 44 million euro of bonds have been repurchased of a total of 50 million
Milan, 11 December 2018 - With reference to the announced partial buy-back program of the bond denominated “Pirelli & C. S.p.A. €600,000,000 1.375 per cent. Guaranteed Notes due 25 January 2023" (ISIN: XS1757843146) up to a nominal maximum of 50 million euro, Pirelli & C. SpA announces that today it bought and simultaneously cancelled further bonds for a total nominal value of 26.4 million euro.
Goldman Sachs International bought the bonds, with a mandate from Pirelli, in the period from November 16 to December 6, 2018 at an average price of about 96.015% per bond.
Since the launch of the partial buy-back program, a nominal value of 44 million euro of bonds have been bought back, also including the 17.6 million euro already communicated to the market. Consequently, the total nominal value of bonds in circulation as of today is 556 million euro.
The partial bond buy-back program – as already announced to the market – will extend until December 14, 2018, unless it reaches the maximum amount foreseen before then triggering an early termination.