Pirelli signs Eu1.2bn RCF
Italian tyre manufacturer Pirelli has agreed a five-year revolving credit facility worth Eu1.2bn, replacing two existing loans worth a total of Eu1.475bn that were due to mature in 2011 and 2012. The new facility will have a margin of 10bp over Euribor.
Bank of America Merrill Lynch, Barclays, BNP Paribas, Commerzbank, HSBC, Intesa Sanpaolo, Mediobanca, Mizuho, Société Générale, Bank of Tokyo-Mitsubishi, Royal Bank of Scotland and UniCredit are underwriting the debt. Banca IMI acted as facility agent.
Pirelli reported net profits of Eu112.6m in 2009....