Pirelli Board Approves New Sustainability-Linked Bank Line of 400 Million Euro

The Board of Directors of Pirelli met and approved the underwriting with a select pool of international banks of a sustainability-linked credit line for an amount up to 400 million euro, with a 19-month maturity that enables the further optimization of the group's financial structure. The new line, to be used to reimburse part of the debt maturing in 2023, contributes to preserving the liquidity margin, with debt maturities covered until the first half of 2024.

The new line is benchmarked to Pirelli's target for the reduction of absolute greenhouse gas emissions from raw materials purchased (Scope 3), validated by the Science Based Targets initiative (SBTi) and contained in Pirelli's first “Sustainability-linked financing Framework”, the document containing the company's guidelines and commitments to stakeholders relative to sustainable finance.

In addition, the Board updated the resolutions regarding the issue of bond loans of 1 billion euro as part of the 2 billion euro EMTN program, revoking the decision approved on 23 February 2022 and simultaneously approving a new one for the issue, always in the context of the EMTN program, of non-convertible bond loans up to 1 billion euro to be placed with institutional investors and executed by May 2023 to take into account the changed market conditions and interventions - already carried out or foreseen – by central banks.

— WebWireID290915 —

Posted In: NewsPress Releases

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.