Credit Facilities
Credit Facilities
SYNDICATED LOAN EUR 2.1Bn ESG 2026 5Y
In January 2026, Pirelli signed a new multi-currency 5-year bank line for a total amount of 2.1 billion euro with a pool of leading national and international banks. The new line- linked to the group’s Scopes 1, 2 and 3 decarbonization targets – includes a term loan for an amount of 600 million euro and revolving lines for a total amount of 1.5 billion euro.
The new line incorporates the possibility for Pirelli and the banks to agree on the extension of the maturity for a maximum of additional 2 years - to 2033 - under the same contractual terms.
The transaction - which is part of constant debt optimization efforts - will allow the group to further strengthen its liquidity profile, improving the overall debt structure and extending maturities.
The relevant press release for the transaction can be found at the following link:
LINK HERE
| Borrower | Guarantor | Type | Amount | Maturity* | Financial Covenant | Sustainable Features |
| Pirelli & C S.p.A. | Pirelli Tyre S.p.A. | Term Loan | €600 million | January 2031 | None | ESG KPIs |
| Pirelli & C S.p.A. | Pirelli Tyre S.p.A. | Revolving Credit Facility | €500 million | January 2031 | None | ESG KPIs |
| Pirelli International Treasury S.p.A. | Pirelli Tyre S.p.A. | Revolving Credit Facility | €1.000 million | January 2031 | None | ESG KPIs |
* It does not consider the possibility to extend the maturity for a maximum of two additional years
Club Deal Eur 600mln ESG 2024 4.5y
In March 2024, Pirelli signed an agreement with a selected pool of international banks for a new euro 600 million term loan, expiring in October 2028.
The new line, signed within the context of the usual activities of managing and optimizing the financial structure, will permit the early reimbursement of part of the debt maturing in 2025, reinforcing the liquidity margin and lengthening debt maturities.
The new credit line is linked to the new and more challenging sustainability targets, set as part of the 2024-25 Industrial Plan Update, presented on 6 March 2024.
| Borrower | Guarantor | Type | Amount | Maturity | Financial Covenant | Sustainable Features |
| Pirelli & C S.p.A. | Pirelli Tyre S.p.A. | Term Loan | €600 million | October 2028 | None | ESG KPIs |
Please find the relevant Press Release at the following web page:
https://press.pirelli.com/pirelli-issues-a-600-mln-euro-sustainability-linked-bond-5-year-notes-demand-over-46-times-the-offering/
Club Deal EUR 500 mln ESG 2023 4y RCF
In December 2023, Pirelli signed an agreement with a selected pool of international banks a committed revolving credit line for a total amount of 500 million euro with a 4-year maturity (December 2027).
The new line, a further step in the usual activities of management and optimization of the Company’s financial structure, will reinforce the liquidity margin of the Pirelli Group.
In May 2024, the credit line was amended to be linked with the new and more challenging sustainability targets, set as part of the 2024-25 Industrial Plan Update, presented on 6 March 2024.
| Borrower | Guarantor | Type | Amount | Maturity | Financial Covenant | Sustainable Features |
| Pirelli & C S.p.A. | Pirelli Tyre S.p.A. | Committed Revolving Credit Facility | €500 million | December 2027 | None | ESG KPIs |
Please find the relevant Press Release at the following web page:
https://press.pirelli.com/pirelli-signs-agreement-for-4-year-revolving-credit-line-of-500-mln-euro/
Club Deal EUR 1.6 bln ESG 2022 5y
On February 21st 2022, Pirelli signed a €1.6 billion ESG debt refinancing with a pool of 16 primary national and international banks. The financing was aimed at reducing the cost of debt and at lengthening the average maturity, contributing to an improvement of Pirelli’s financial profile. As a consequence of the above, previous committed credit facilities due in June 2022 have been prepaid and cancelled.
The facilities are unsecured and include both Euro term loan and multi-currency revolving credit facilities for a total amount of €600 million and €1.0 billion respectively with tenor of 5 years.
| Borrower | Guarantor | Type | Amount | Maturity | Financial Covenant | Sustainable Features |
| Pirelli & C S.p.A. | Pirelli Tyre S.p.A. | Term Loan | €600 million | February 2027 | None | ESG KPIs |
| Pirelli & C S.p.A. | Pirelli Tyre S.p.A. | Revolving Credit Facility | €100 million | February 2027 | None | ESG KPIs |
| Pirelli International Treasury S.p.A | Pirelli Tyre S.p.A. | Revolving Credit Facility | €900 million | February 2027 | None | ESG KPIs |
Please find the relevant Press Release at the following web page:
https://press.pirelli.com/pirelli-finalized-signing-of-5-year-esg-bank-line-of-16-billion-euro/
Unsecured financing
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:
https://press.pirelli.com/pirelli-successfully-concludes-refinancing-of-banking-lines-for-42-billion-euro/
| Borrower | Type | Original Facility Amount | Current Facility Amount | Maturity | Covenant |
| Pirelli & C S.p.A. |
Term Loan | €1.75 billion | REPAID | Net Debt / EBITDA | |
| Pirelli & C S.p.A. | Term Loan | €1.75 billion | €0.95 billion | 2022* | Net Debt / EBITDA |
| Pirelli & C S.p.A. |
Revolving Credit Facility | €0.7 billion | €0.7 billion | 2022* | Net Debt / EBITDA |
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| *The Facilities include a Pirelli’s sole discretionary option to extend the original maturities up to 2 years and therefore to 2024. | |||||