Pirelli secures €500m revolving credit for decarbonisation

Milan, Italy - Pirelli has signed an agreement with a number of international banks for a committed revolving credit line of €500 million with a four-year maturity.

Running to December 2027, the credit line will help 'reinforce liquidity-margin and cover debt maturities to the end of 2025,' said a 22 Dec Pirelli release.

Furthermore, the Italian tire maker linked the new financing arrangement to its sustainability drive: particularly “new and more challenging” science-based targets for carbon emissions.

According to Pirelli, it is currently defining “more challenging decarbonisation targets” as part of its new industrial plan to be unveiled in the coming months.

The Milan-based group has achieved decarbonisation targets initially set for 2025 two years ahead of schedule, Pirelli's statement noted.