Pirelli's Board of Directors has approved a Euro Medium Term Note program to issue senior unsecured non-convertible bonds for a maximum value of 2 billion euros. The adoption of the EMTN program, reads a note, "meets the objective of constantly optimizing Pirelli's financial structure and makes it possible to promptly seize favorable windows on the bond market".
As part of the programme, the BoD authorized the issue, to be carried out by 31 January 2019, of one or more bond loans, to be placed with institutional investors, for a total maximum amount of up to one billion euro. Newly issued securities may be listed on one or more regulated markets.
