Pirelli signs new agreement for revolving credit

Italian tire supplier Pirelli (Pirelli) today announced that Pirelli has signed a 1.2 billion euros (about US $ 1.57 billion) revolving credit loan agreement for a period of 5 years.

The new credit loan agreement will replace the previously signed credit loan agreement valued at 1.475 billion euros. The old agreement was cancelled earlier because it was replaced by the new agreement.

There are 12 lending institutions that signed the new agreement. They are: Bank of America Merrill Lynch, Barclays Bank, BNP Paribas, Commerzbank, HSBC, Italy Joint Bank Sao Paulo, Italian Commercial Bank, Mizuho Corporate Bank, French Industrial Bank , Tokyo Mitsubishi UFJ Bank, Royal Bank of Scotland and UniCredit Bank of Italy.

The 12 banks will provide Pirelli with equivalent credit lines, which will use variable interest rates.

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