Pirelli to issue 500 mln euros in convertible bonds

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Italian tyre maker Pirelli said on Monday it planned to offer 500 million euros ($607.75 million) in five-year, zero coupon convertible bonds due 2025 as part of an operation to optimize its debt profile.

Proceeds from the issue, intended for institutional investors, would be used both for general business as well as for refinancing part of its existing debt, the group said in a statement.

A shareholder meeting to approve converting the bonds into ordinary shares will be held not later than 30 June, 2021.

via Reuters

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