Skip to main content
Sister Publication Links
  • Automotive News
  • Rubber News
  • European Rubber Journal
Subscribe
  • Login
  • Register
  • Subscribe
  • Current Issue
  • BEST PLACES TO WORK
  • News
    • MID YEAR REPORT
    • TIRE MAKERS
    • HUMANITARIAN
    • COMMERCIAL TIRE
    • GOVERNMENT & LAW
    • MERGERS & ACQUISITIONS
    • OBITUARIES
    • OPINION
    • SERVICE ZONE
  • ADAS
  • Data
    • DATA STORE
  • Custom
    • SPONSORED CONTENT
  • Events
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
    • RUBBER NEWS EVENTS
  • Resources
    • ADVERTISE
    • AWARDS
    • CLASSIFIEDS
    • DIRECTORY
    • SHOP FLOOR
    • Best Places to Work
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
October 14, 2015 02:00 AM

ChemChina deal to trigger loan repayments — Pirelli

Tire Business Staff
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    MILAN, Italy (Oct. 14, 2015) — China National Chemical Co.'s pending takeover of majority control of Pirelli & C. S.p.A. will trigger the possibility that creditors of two Pirelli private placement loans worth about $193 million could seek early reimbursement, according to Pirelli.

    With Marco Polo Industrial Holding S.p.A. — ChemChina's Italian vehicle for its takeover attempt — having acquired more then half of Pirelli's ordinary capital, the Milan-based tire maker pointed out that this would represent a “change of control” event that would trigger the early reimbursement clause.

    Marco Polo Industrial Holding disclosed Oct. 13 it intends to pay for shares being tendered on Oct. 20.

    The two financing vehicles — a U.S. private placement worth $150 million and a “schuldschein” with a residual value of $43 million — are headed by Pirelli International Ltd. and guaranteed by Pirelli & C. S.p.A. and Pirelli Tyre S.p.A. (Schuldschein is described as a traditional German floating or fixed debt instrument with a typical maturity of two to 10 years.)

    Eventual reimbursement requests would be satisfied via already available lines of credit and without the need to resort to new financings, Pirelli said.

    Related Articles
    Pirelli, ChemChina merger plan OK'd
    ChemChina buying polymer machinery firm
    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    Most Popular
    1
    Discount Tire acquires Dunn Tire, enters NY market
    2
    Fire at Poland plant will cut Goodyear sales by up to $40M
    3
    Tire Business ranks the Top 75 Tire Makers of 2023
    4
    Goodyear tabs distributors for Australia, New Zealand
    5
    Canada court rules for Michelin in tire trademark case
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • Instagram
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    Reader Services
    • Staff
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • BEST PLACES TO WORK
    • News
      • MID YEAR REPORT
      • TIRE MAKERS
      • HUMANITARIAN
      • COMMERCIAL TIRE
      • GOVERNMENT & LAW
      • MERGERS & ACQUISITIONS
      • OBITUARIES
      • OPINION
      • SERVICE ZONE
    • ADAS
    • Data
      • DATA STORE
    • Custom
      • SPONSORED CONTENT
    • Events
      • ASK THE EXPERT
      • LIVESTREAMS
      • WEBINARS
      • SEMA LIVESTREAMS
      • RUBBER NEWS EVENTS
    • Resources
      • ADVERTISE
      • AWARDS
        • Best Places to Work
      • CLASSIFIEDS
      • DIRECTORY
      • SHOP FLOOR
        • BALANCING
        • DEMOUNTING
        • SAFETY
        • TIRE REPAIR
        • TPMS
        • TRAINING
        • VEHICLE LIFTING
        • WHEEL TORQUE
    • DIGITAL EDITION