(Alliance News) - Pirelli & C Spa announced Friday that it has signed an agreement with a selected pool of international banks for a EUR600 million term loan credit facility maturing in October 2028.

The new line, reads the press release, was "entered into as part of the usual activity of managing and optimizing the financial structure" and "will enable early repayment of part of the debt maturing in 2025, strengthen the liquidity margin and lengthen debt maturities."

In addition, the credit line will be is linked to the new green goals that Pirelli has set as part of the Industrial Plan Update 2024- 25 presented last March 6.

These include reducing greenhouse gas emissions for Scope 1 and 2 by 60 percent by 2025 and 80 percent by 2030 compared to 2018, and for Scope 3 by 27 percent by 2025 and 30 percent by 2030 compared to 2018. "The new sustainability goals also see Pirelli as the first company in the tyre sector to set a target of achieving Net Zero in 2040," the company concluded in the note.

Pirelli closed Friday in the red by 0.3 percent to EUR5.59 per share.

By Chiara Bruschi, Alliance News reporter

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