Pirelli finalises 1.6 billion euro ESG bank line

In line with its prior announcement of 11 November 2021, Pirelli has finalised the signing of a five-year multi-currency bank line with a pool of primary national and international banks. This 1.6 billion euro line is benchmarked to the group’s ESG targets and 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 utilised line maturing in June 2022 with 1 billion euro of the new line, thus increasing financial flexibility by 300 million euro.

Pirelli says that this transaction is concluded at better conditions than the lines it replaces and thus enables the optimisation of the debt profile, extending maturities.