Pirelli completes placing of Euro 500 million debt

ERJ staff report (DS)

Milan, Italy -- Pirelli & C. S.p.A. has successfully concluded the placement of a fixed-rate, unrated bond issue worth a nominal 500 million euros on the Eurobond market. The offering, to international institutional investors, was positively received and more than 9 times oversubscribed, attracting total bids in excess of 4.5 billion euros. Over 93 percent was placed with investors outside Italy.

The bond issue, executed in accordance with decisions taken by the Board of Directors of Pirelli & C. on 29 July 2010, is one of a number of actions aimed at optimising the group's debt structure by lengthening its average duration and diversifying funding sources.

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Press release from Pirelli