Pirelli & C. S.p.A. (PLLIF.PK), Friday announced that the company has signed new multi-currency 5-year bank lines for a total of 2.1 billion euro with a pool of leading national and international banks.
Providing for a term loan of 600 million euro and revolving lines of 1.5 billion euro, the transaction is expected to strengthen the company's liquidity profile, improve the overall debt structure and extend maturities.
Moreover, the new lines also provide for the possibility of further extensions of maturities for a maximum of additional 2 years.
Pirelli's stock closed at $7.69 on the OTC Markets.
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