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Nokia to launch a bond offering to raise €750m

Tuesday, 23 October 2012
Nokia Corp. reports on Tuesday that wants to benefit from the current favourable lending conditions and to carry out bond offering to raise €750 million.

In a statement, Nokia will use the funds to manage its capital structure, proactively managing debt maturing at the same time as the current source of liquidity is maintained.

The bonds are expected to carry a coupon of between 4.25percent and 5.00 percent per annum payable semi-annually in arrears on April 26 and October 26 in each year, commencing on or about April 26, 2013.

The initial conversion price is expected to be set at a premium of 28percent to 33percent above the volume weighted average price of Nokia shares on NASDAQ OMX Helsinki between launch and pricing of the offering

The Finnish handset maker reported last Thursday a sixth consecutive quarterly loss as sales of smartphone devices continued slump. It comes at a time when the company plans to launch a new line of its Lumia phones.

The company's net cash, closely watched by investors and analysts is reported to have fallen, to €3.6 billion at the end of September, down from €4.2 billion at the end of June and down from €5.6 billion at the end of last year.
By Scancomark.com Team

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