OREANDA-NEWS. September 25, 2015. The noteholders’ meeting for the €500 million Notes due February 22, 2016 issued by Pirelli & C. S.p.A. and guaranteed by Pirelli Tyre (ISIN: XS0592703382) (the “2016 Notes”), held today, has approved the Extraordinary Resolution on the agenda.

The noteholders have thereby approved the proposal to amend the terms and conditions of the 2016 Notes with particular reference to the provisions relating to the “change of material shareholding” – which occurred on August 11, 2015 following the transfer of approximately 20.34% of Pirelli & C. S.p.A.’s ordinary share capital from Camfin S.p.A. to Marco Polo Industrial Holding S.p.A. (a company controlled by Chem China) – and to any potentially related right to request an early repayment.

The amendments to the terms and conditions of the 2016 Notes will allow for their repayment by Pirelli & C. S.p.A. on their original scheduled due date in February 2016, with funds that are already available, and hence do not necessitate drawing upon external funding resources. Such amendments will be effective once a supplemental trust deed is entered into by between Pirelli & C. S.p.A., Pirelli Tyre S.p.A. and the Trustee, which is expected in the next couple days.

Pirelli & C. S.p.A. will pay a consent fee to those noteholders who are entitled to it in accordance with the terms set forth in the relevant documentation (available on the Company’s website).