Pirelli Arranges 1.2 billion euros Credit Line
Today (30 November) Pirelli signed off on a new revolving line of credit, which provides the company with 1.2 billion euros over a duration of five years. According to the company, the new facility will replace existing lines of credit worth a total of 1.475 billion euros, launched in 2005 and 2007 with maturities in 2011 and 2012. These therefore will be cancelled in advance. An official statement on the matter explained that the new 2015 maturity is aligned to the timing of Pirelli’s recently presented industrial plan.
The financing contract was underwritten with 12 primary national and international institutions: Bank of America-Merrill Lynch, Barclays, BNP Paribas, Commerzbank, HSBC, Intesa Sanpaolo, Mediobanca, Mizuho, Société Générale, The Bank of Tokyo-Mitsubishi, The Royal Bank of Scotland and UniCredit in equal shares. Banca IMI and BNP Paribas acted as Global Co-ordinators for the operation. Banca IMI was the Facility Agent for the operation.
The financing, which is floating rate, will have an initial interest rate of Euribor plus 110 basis points.
Related News:
-
Pirelli JV to Take Over Sibur Russian Tyre Assets
-
Pirelli Broadband Solutions Sale Finalised
-
Ceat Ltd. Acquires ‘Ceat’ Name from Pirelli, Pushes Exports
-
Pirelli Calendar Unveiled Today
Comments