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Pirelli secures new credit line of 675 million euros

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Pirelli & Cie SpA has obtained a five-year, multi-currency credit line totaling 675 million euros, 175 million more than the amount it initially requested.

"The agreement was signed by (Pirelli) with BNP Paribas and Banca Monte dei Paschi di Siena, which acted as mandated lead arrangers," according to Pirelli officials, plus a pool of primary Italian and international banks, including the Royal Bank of Canada.

Pirelli plans to use the line to improve its financial structure, while increasing its flexibility.

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