PIRELLI SUBSCRIBES TO NEW 800 MLN EURO SUSTAINABLE BANK LINE
FINANCIAL STRUCTURE REINFORCED
Milan, 31 March 2020 – Pirelli today subscribed to a new 800 million euro financing - with a 5-year maturity - with a pool of primary Italian and international banks. The new bank line is entirely sustainable, in accordance with the group’s targets in terms of economic and environmental sustainability.
This new financing, which Pirelli will mainly use to repay existing debt, permits the group to further increase the already substantial coverage of its financial debt maturities for up to approximately 3 years on slightly better economic terms compared with those contained in the Industrial Plan.
Recently, Pirelli also extended the maturity of a 200 million euro credit line by over one year to September 2021, compared with the original maturity of June 2020.
These transactions, which are part of the strategy presented to the market on February 19 and the Company’s constant actions to optimize and strengthen its debt structure, underscore Pirelli’s capacity to refinance notwithstanding the context of macroeconomic uncertainty.