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Nokia Oyj to Issue Convertible Bonds of EUR 1.5 Billion to Microsoft


Friday, 6 Sep 2013 11:40am EDT 

Nokia Oyj announced that in connection with its announcement to sell to Microsoft Corporation substantially all of its Devices & Services business (the Sale of the D&S Business), Microsoft had agreed to make available to Nokia EUR 1.5 billion of financing in the form of three EUR 500 million tranches of convertible bonds. On September 6, 2013 Nokia communicated that it has decided to draw down all of this financing and thus the Company will issue three tranches of senior unsecured convertible bonds, each with a nominal value of EUR 500 million (the Bonds). Nokia intends to use the proceeds of the offering to prepay financing raised for the acquisition of the shares in NSN which was completed in August 2013 and for general corporate purposes. The first tranche (the 2018 Bonds) matures in five years and has a 1.125% per annum coupon payable semi-annually with an initial conversion price of EUR 3.9338. The second tranche (the 2019 Bonds) matures in six years and has a 2.5% per annum coupon payable semi-annually with an initial conversion price of EUR 4.0851. The third tranche (the 2020 Bonds) matures in seven years and has a 3.625% per annum coupon payable semi-annually with an initial conversion price of EUR 4.2364. If the Sale of the D&S Business is completed, the Bonds will be redeemed and the principal amount and accrued interest netted against the Sale of the D&S Business proceeds. The Bonds are expected to be issued on or about September 23, 2013. 

Company Quote

7.91
-0.13 -1.62%
19 Dec 2014