Pirelli signs Eu1.2bn revolver with club of 12 banks, Fiat waits for feedback from 20

Italian tyre manufacturer Pirelli has signed a five year revolving credit facility worth Eu1.2bn with a club of 12 banks. The new facility, which was self-arranged, carries a margin of 110bp. Invitations were limited to a few, targeted lenders. Banca IMI and BNP Paribas acted as co-ordinators on the deal.