Pirelli closes 525 million euro schuldschein financing

Yesterday, Pirelli & C. closed a ‘Schuldschein’ financing – guaranteed by Pirelli Tyre – for a total of 525 million euros. The financing, granted by primary market participants, consists of one 82-million-euro tranche with a three-year maturity, one of 423 million euros with a five-year maturity and one of 20 million euro with a seven-year maturity.

Pirelli comments that the transaction will facilitate reimbursement of existing debt, further optimising its structure and costs.