Pirelli announces that today it has placed a "Floating Rate Note" bond issue worth 200 million euros maturing in September 2020. The bond issue - addressed exclusively to institutional investors - makes it possible to repay the existing debt for an equal amount, further optimizing the company's financial structure by reducing the cost of debt.
The bond loan, listed on the Luxembourg Stock Exchange, has the following characteristics:
- issuer: Pirelli & CSpA
- guarantor: Pirelli Tire SpA
- amount: Euro 200 million
- settlement date: March 26, 2018
- expiry date: September 26, 2020
- coupon: Euribor 3m + 0,70%
- issue price: 100%
- redemption price: 100%
With today's transaction, the bond loans issued within the scope of the council authorization of the
December 2017 for 1 billion euro – under the EMTN senior unsecured program for a total of 2
billion euros – totaling 800 million euros.
