12
February
2007
|
19:29
Europe/Amsterdam

Pirelli Tyre: syndication of revolving credit line for 675 million euros concluded successfully

The initial amount of 500 million euros was increased following a high number of banking commitments

Milan, 12 February 2007 - Pirelli Tyre SpA makes it known that syndication of the five-year multi-currency revolving credit line opened and communicated to the market last January 8 has been successfully concluded.

The agreement was signed by the Company with BNP Paribas and Banca Monte dei Paschi di Siena, which acted as mandated lead arrangers, and a pool of primary Italian and international banks (Akbank, Bank of America, Banca Carige, Banco do Brasil, Banca Popolare dell'Emilia Romagna, Banco Santander Central Hispano, ItauEuropa, Mizuho, Natixis, Royal Bank of Canada). Following the high number of banking commitments, the initial amount of 500 million euros was increased to 675 million euros. The loan will have an initial interest rate equal to Euribor+40 basis points.

The transaction has the objective of allowing Pirelli Tyre to improve its financial structure, increasing flexibility at the same time.