(Finance) – The Board of Directors of Pirelli approved the subscription of a credit line with a selected pool of international banks “sustainability-linked“For an amount of up to 400 million euros with expiration of 19 months which allows you to optimize
further the financial structure of the group. The new line – explains a note – which will be used to repay part of the debt maturing in 2023, helps to preserve the liquidity margin, with maturities on the debt covered up to the first half of 2024.
The new line is parameterized to the Pirelli objective of reducing absolute greenhouse gas emissions from raw materials purchased (Scope 3), validated by the Science Based Targets initiative (SBTi) and contained in the first Pirelli “Sustainability-linked financing Framework”, the document that contains the guidelines and commitments of the company towards its stakeholders in sustainable finance.
Furthermore the Board of Directors updated the resolutions relating to the issue of bonds for 1 billion euro under the 2 billion euro EMTN program, revoking the resolution approved on 23 February 2022 and simultaneously approving a new one for the issue, again as part of the EMTN program, of non-convertible bonds to be placed with institutional investors up to 1 billion euro to be carried out by May 2023 to take into account the changed market conditions and the interventions – already carried out or planned – by the central banks.
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