PIRELLI LAUNCHES PARTIAL BUY-BACK OF 2023 NOTES UPTO A MAXIMUM AMOUNT OF 50 MILLION EURO
Milan, 30 October 2018 - In line with its prior announcement to the market, Pirelli & C. SpA states that it has mandated Goldman Sachs International to proceed with the partial buy-back, for a nominal maximum amount of 50 million euro through open-market repurchases, of the "Pirelli & C. S.p.A. €600,000,000 1.375 per cent. Guaranteed Notes due 25 January 2023" (ISIN: XS1757843146) notes issued by Pirelli & C. Spa and listed on the Luxembourg stock exchange.
The buy-back will end on December 14, 2018, unless there is an early termination because the maximum amount foreseen has been reached. Maximum acquisition price for repurchases will change as a consequence of the notes’ daily variations.
The buy-back is part of the company’s regular, pro-active management of its financial profile and its purpose is the cancellation of the bonds acquired. The company will provide periodic updates on the evolution of the notes’ repurchases.