|Pirelli in figures (1,22 MB)|
|Debt||Debt Structure||Credit Facilities||Bonds Outstanding|
Pirelli, on January 9 2015, signed two new revolving line of credit for 1.2 billion euros in the form of term loan and revolving, respectively for 1.0 and 0.2 billion euros, both with a duration of five years. The new lines replaced previous line of credit worth a total of 1.2 billion euros, launched in November 2010 with maturity in 2015.Press Release: Pirelli signs new revolving credit line
Details on the Credit Facility signed January 9, 2015
* with the exception of real guarantees on the existing debt or debt to replace it, to be granted by law, relating to “export finance”, “project finance” and subsidized finance
In the context of the public offer over the Pirelli shares, Marcopolo Industrial Holding arranged committed credit lines in the form of term loan and revolving credit facility with a pool of banks, for a total amount of 6.8 billion euros originally expiring in October 2016 (later extended to December 2016), split between “Bidco Facility” totaling 4.4 billion euro (only partially drawn as of 31.12.2015) to serve the tender offer, and “Target facility” totaling 2.4 billion euro as back-up in case of partial refinancing need for Pirelli existing debt. After the merger, it is foreseen that the foretold credit lines will be refinanced through a sole credit line already arranged by the bidder (Mergeco Facility) for a total amount of 6.8 billion euro, expiring in October 2016 (later extended to December 2016).
Details on the Credit Facility for Marcopolo Industrial Holding