MILAN—Pirelli & C. S.p.A. signed a $540 million agreement (€500 million) with a "select pool of international banks" for a committed revolving credit line.
The credit line has a four-year maturity that runs to December 2027 and was activated for "usual activities of management and optimization of the company's financial structure."
The line of credit will enable it to reinforce its liquidity margin, which already guaranteed coverage of debt maturities to the end of 2025 as of Sept. 30, 2023, according to a December press release.
Pirelli said the agreement could link the new line of credit to "new and more challenging" decarbonization targets—aligned with its commitment to net-zero emissions—that the company is defining as part of a new industrial plan.
The company noted that it already had achieved decarbonization targets initially set for 2025 two years ahead of schedule.
