Pirelli signs €2.1bn five-year committed bank lines

Milan, Italy – Pirelli has signed new multi-currency committed bank facilities totalling €2.1bn, replacing existing lines of the same amount that are due to expire in 2027.

The new five-year bank lines, agreed with "a pool of national and international banks," will extend maturities to 2031, the Italian tire maker said 23 Jan.

The facilities include options, subject to agreement with lenders, to further extend maturities by up to two additional years, to 2033, under the same contractual terms.

Pirelli said the new facilities are linked to the group’s decarbonisation targets covering scopes 1, 2 and 3, which have already been communicated to the market.

Under the agreement, the financing package comprises a €600m term loan and €1.5bn in revolving credit lines.

The company said the transaction forms part of its ongoing debt optimisation efforts and will further strengthen its liquidity profile, improve the overall debt structure and extend maturities.