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Pirelli signs new revolving credit line worth 1.2 billion euros with maturity in 2015

Replaces existing lines of credit and aligns timing to new industrial plan

Milan, 30 November 2010 – Pirelli today signed a new revolving line of credit for 1.2 billion euros with a duration of five years which 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, which as a consequence will be cancelled in advance.

The 2015 maturity is aligned to the timing of Pirelli’s recently presented industrial plan and underwriting this new contract is one of the actions aimed at optimizing debt structure by lengthening average duration and diversifying sources of funding.

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.

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Categories: Group Investors Media