Nokia to raise 750 million euro through bonds
New Delhi: Finnish mobile handset maker Nokia Tuesday said it is planning to raise 750 million euro through bonds to manage its capital structure and address upcoming debt maturities.
"Nokia announces today that it intends to make an offering of senior unsecured convertible bonds due 2017 convertible into ordinary shares of Nokia Corporation...The bonds are proposed to be issued in an aggregate principal amount of 750 million euro," the company said in a statement.
The bond issue is expected to close on or about October 26, it said.
The company's Executive Vice-President and CFO Timo Ihamuotila said: "Nokia intends to use the net proceeds of the offering to prudently manage its capital structure, proactively address upcoming debt maturities while preserving existing pools of liquidity and for general corporate purposes".
Nokia said the bonds are expected to carry a coupon of between 4.25 percent and 5 percent per annum payable semi- annually.
Nokia's net loss for the quarter ended September 30 reached 969 million euro, compared with a 68 million euro loss in the same quarter a year ago.
Its mobile phone shipments dipped by 15 percent on annual basis to 76.6 million units during the quarter.
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