Debt Structure

Consolidated Debt

As of September 30, 2009 Pirelli & C. gross debt amounts to 1842 million euros, mainly composed of debts from banks. The 37% of gross debt is at floating rate and 26% of the debt will expire within 2009.

On July 2009, after the complete success of the capital increase for approximately 400 million €, Pirelli RE reached an agreement with 8 main financial institutions for a new committed credit line up to 320 million euros maturing in 2012. Thanks to this deal and the positive cash flow generation from tyres the Group managed to increased the availability of committed lines from Euro 700 mln as of the end of June to Euro 870 mln in the third quarter that will mainly expire in 2012.
Pirelli also managed to better split the maturity of debt with a 2010 – 2011 combined maturities only accounting for 15% of the gross borrowing. Average maturity of committed bank lines stands at 31 months.

Pirelli & C has not currently any bond outstanding, on April 7, 2009 the company redeemed the last bond tranche for 150 million euros.

Rating:
Pirelli &C doesn't have a credit rating