Debt

Download Pirelli in Figures (XLS)

Net Financial Position

€ million

Liquidity Profile

€ million

Liquidity position 405
Total committed lines not drawn 558
Liquidity margin 964*

*Covers -2.4 years of forthcoming maturities

Gross Debt Maturity

€ million

Debt Currency Mix1

Share of debt

1. Average Gross Debt calculated over the last 12 months.

On November 13, 2014 Pirelli successfully concluded the placement of a 5 year, fixed-rate, unrated bond issue worth a nominal €600 million. The operation obtained the lowest coupon (1.75%) in Pirelli’s history, as well as for an Italian unrated corporate Eurobond, demonstrating the confidence investors have in Pirelli’s credit. The loan was placed with over 400 international investors and attracted total orders of some €5 billion.

Characteristics of the Bond :

  • Issuer: Pirelli International PLC
  • Guarantor: Pirelli Tyre S.p.A.
  • Settlement Date: 18th November 2014
  • Maturity Date: 18th November 2019
  • Coupon: 1.75%
  • Issue Price: 99.498%
  • Redemption Price: 100%
  • Minimum Denomination: € 100,000 and additional multiples of € 1,000
  • Listing: Luxemburg Stock Exchange (www.bourse.lu)
  • ISIN: XS1139287350

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 the 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:
http://www.pirelli.com/corporate/en/press/2017/07/06/pirelli-successfully-concludes-refinancing-of-banking-lines-for-4-2-billion-euro/

Borrower Type Amount Maturity Covenant
Pirelli & C S.p.A. Pirelli International PLC Term Loan €1.5 billion 2020 Net Debt / EBITDA
Pirelli & C S.p.A. Pirelli International PLC Term Loan €1.5 billion 2022 Net Debt / EBITDA
Pirelli & C S.p.A. Pirelli International PLC Revolving Credit Facility €0.7 billion 2022 Net Debt / EBITDA

Latest update: 06/11/2017