The Board of Directors of Pirelli approved the signing of a credit line with a pool of international banks"Sustainability-linked” for an amount of up to 400 million euros with a 19-month maturity “which makes it possible to further optimize the financial structure of the group”, communicates the tire company in a note. The new line will be used "to repay part of the debt maturing in 2023" and adds that "it helps to preserve the liquidity margin, with debt maturities covered until the first half of 2024".
Furthermore, the new line is parameterized to the Group's objective of reducing absolute greenhouse gas emissions from purchased raw materials (Scope 3), validated by the Science Based Targets initiative (SBTi) and contained in Pirelli's first "Sustainability-linked financing Framework", the document that contains the company's guidelines and commitments towards its stakeholders in subject of sustainable finance.
Finally, the BoD updated the resolutions relating to the issuance of bond loans for 1 billion euro under the 2 billion euro EMTN programme, revoking the resolution approved on 23 February 2022 and at the same time approving a new one for the issue, again as part of the EMTN programme, of non-convertible bonds to be placed with institutional investors up to 1 billion euros to be executed by May 2023 to take into account the changed market conditions and the interventions - already carried out or planned - by the central banks.
