PIRELLI: FINALIZED SIGNING OF 5-YEAR ESG BANK LINE OF 1.6 BILLION EURO
REPLACES MATURING DEBT EXTENDING AND IMPROVING TERMS
Milan, 21 February 2022 – Pirelli, in line with the announcement to the market of 11 November, announces that it has finalized the signing of a 5-year multi-currency bank line of 1.6 billion euro, with a pool of primary national and international banks.
The new line – benchmarked to the group’s ESG targets – will mainly enable:
- reimbursing debt maturing in June 2022 (around 950 million euro on 31 December 2021) using the new line for 600 million euro and drawing on the company’s liquidity for the remainder;
- replace 700 million euro of an available and not utilized line maturing in June 2022 with 1 billion euro of the new line, thus increasing financial flexibility by 300 million euro.
The operation, concluded with better conditions - as foreseen in the company’s plans - compared with the substituted lines, enables the optimization of the debt profile, extending maturities.