Credit Facilities

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During 1Q 2019, Pirelli signed a bilateral financing for an amount of €600 million with a primary bank. The transaction, realized at very attractive levels when compared to the corresponding yield requested by the bond market at the time, lengthens the average life of the debt and improves Pirelli’s financial profile as it refinances outstanding debt for the same amount.
The bilateral bank line, guaranteed by Pirelli Tyre S.p.A., is unsecured.

Borrower Guarantor Type Amount Maturity Covenant
Pirelli & C S.p.A. Pirelli Tyre Bilateral Financing €600 million 2024 Net Debt / EBITDA

On June 27th 2017, Pirelli closed a €4.2 billion debt refinancing with a pool of 18 primary international banks. The financing was concluded to reduce the cost of debt and to lengthen the average maturity, contributing to an improvement of Pirelli’s financial profile. As a consequence of the above, all previous committed credit facilities have been cancelled.

The facilities are unsecured and include both multi-currency term loan and revolving credit facility for a total amount of €3.5 billion and €0.7 billion respectively with tenor from 3 years up to 5 years.

Please find the relevant Press Release at the following web page:

Borrower Type Original Facility Amount Current Facility Amount Maturity* Covenant
Pirelli & C S.p.A.
Term Loan €1.75 billion €0.25 billion 2020 Net Debt / EBITDA
Pirelli & C S.p.A. Term Loan €1.75 billion €1.75 billion 2022 Net Debt / EBITDA
Pirelli & C S.p.A.
Revolving Credit Facility €0.7 billion €0.7 billion 2022 Net Debt / EBITDA
*the Facilities include a Pirelli’s sole discretionary option to extend the original maturities up to 2 years

Last revised: 4 Mar 2020

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