Bonds Outstanding

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On December 21st 2017 the Board of Directors of Pirelli approved an EMTN (Euro Medium Term Note) program for the issue of senior unsecured non-convertible bond to a maximum value of 2 billion euro.
The adoption of the EMTN program is in line with Pirelli’s goal of constantly optimizing its financial structure and will allow Pirelli to quickly take advantage of favorable windows of opportunity in the bond market.

Document regarding the EMTN Program (Base prospectus) is available below.

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Base Prospectus

 

Within the program Pirelli issued the following bonds:

 

On March 15th, 2018 Pirelli & C. announced the placement of a “Floating Rate Note” bond issue of 200 million euro with maturity in September 2020. The bond issue – reserved for institutional investors – permits the reimbursement of existing debt for the same amount, further optimizing the company’s financial structure by reducing the cost of debt.

The notes have the following characteristics:

  • Issuer: Pirelli & C. S.p. A.
  • Guarantor: Pirelli Tyre S.p.A.
  • Amount: 200 million euro
  • Settlement date: 26 March 2018
  • Maturity date: 26 September 2020
  • Coupon: Euribor 3m +0.70%
  • Issue price: 100%
  • Redemption price: 100%
  • Listing: Luxemburg Stock Exchange

Following this transaction, the total amount of bonds issued in the context of the December 2017 Board authorization for 1 billion euro – as part of the Group 2 billion euro EMTN senior unsecured programme – reaches 800 million euro.

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Press Release

 

On January 22nd 2018,Pirelli successfully concluded the placement with international institutional investors of an unrated bond on the Euromercato for a total nominal amount of 600 million Euro, duration 5 years, at a fixed rate.
As evidence of investors’ faith in Pirelli, the bond received at closing total orders of 2.4 billion euro from approximately 280 international investors. The effective yield at maturity will be 1.479% or 110 basis points higher than the reference rate (mid-swap).

On December 19th 2018, Pirelli announced the termination of the mandate given to a specialized financial intermediary for the partial buy back of the notes for an amount up to Euro 50 million. At the conclusion of the partial buy-back program, bonds bought back and cancelled totaled 47 million euro and, consequently, the total nominal value of bonds outstanding stands at 553 million euro.

The bond has the following characteristics:

  • Offering circular: EMTN Program (Euro Medium Term Note) for 2 billion euro as of January 10th 2018
  • Ranking: senior, unsecured
  • Issuer: Pirelli & C. S.p.A.
  • Guarantor: Pirelli Tyre S.p.A.
  • Issued Amount: Euro 600 million
  • Outstanding Amount: Euro 553 million
  • Settlement date: 25 january 2018
  • Maturity: 25 january 2023
  • Coupon: 1.375%
  • Issue price: 99.502%
  • Redemption price: 100%
  • Listing: Luxembourg stock exchange (https://www.bourse.lu/security/XS1757843146/261234)
  • ISIN: XS1757843146
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Final Terms

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Partial Buyback

Last revised: 14 May 2019

Further information on the company's financial communications is available in the

PRESENTATIONs AND WEBCASTS PAGE

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