July 2, 2013 / 3:45 PM / 4 years ago

JP Morgan leads Nokia's 1.2 billion euro acquisition loan: sources

LONDON (Reuters) - JP Morgan is leading the 1.2 billion euro ($1.56 billion) loan backing Finnish mobile handset maker Nokia’s 1.7 billion euro acquisition of Siemens’ 50 percent stake in joint-venture Nokia Siemens Networks (NSN), banking sources said.

A trader works at the JP Morgan trading post on the floor of the New York Stock Exchange in New York July 13, 2012. REUTERS/Shannon Stapleton

The new financing will cover the 1.2 billion euro cash portion due at the closing of the acquisition, with the balance to be paid in the form of a 500 million euro, one-year secured loan from Siemens.

The acquisition is expected to close in the third quarter of 2013.

Nokia is rated BB- by Standard & Poor’s and Ba3 by Moody‘s.

($1 = 0.7671 euros)

Editing by Christopher Mangham

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