Pirelli has perfected the signature of a multicurrency banking line 5-year term of 1,6 billion euro with a pool of leading national and international banks. The transaction, in line with the company's plans, will make it possible to optimize the group's debt profile by extending its maturities. Around 10.30, the stock dropped 0,71% to 5,57 euros despite the announcement.
In detail, the credit line, based on the company's ESG objectives, will mainly allow:
- Repay a maturing debt in June 2022 by around 950 million euros (value at 31 December 2021), using the new line for 600 million euros and the company's liquidity for the remainder;
- Replace €700 million of an available and unused line expiring in June 2022 with €1 billion of the new line, thereby increasing financial flexibility by €300 million.
Meanwhile, the group will communicate the preliminary 2021 results after the board meeting on Wednesday 23 February 2022. According to analysts, the Milanese tire manufacturer group will be able "to confirm the achievement of the 2021 guidance". The wait is for an upward revision of the and "they raise the 2022 estimates".
