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Debt information

We aim at maintaining flexibility in funding by keeping credit facilities and funding programmes available.

Funding programmes

Program

Program size (millions)

Program documents

Euro Medium Term Note

EUR 5 000

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SEC Reg. Shelf

Indeterminate

Inactive


Debt capital market issuances

Issuer

Program

Amount (millions)

Coupon
(p.a.)

Issue date

Maturity

Term sheets

Nokia Corporation

EMTN

EUR 500

6.75%

4-Feb-2009

4-Feb-2019

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Nokia Corporation

SEC Reg. Shelf

USD 1 000

5.375%

7-May-2009

15-May-2019

See related download

Nokia Corporation

SEC Reg. Shelf

USD 500

6.625%

7-May-2009

15-May-2039

See related download


Credit ratings

Our credit worthiness helps us make efficient use of international capital and loan markets. Nokia’s ratings as of 15 June, 2016 were:

 

S&P

Moody's

Short-term

A-3

NP

Long-term

BB+

Ba1

INTEREST-BEARING LIABILITIES, Nokia, reported (unaudited)

 

 

 

 

Issuer/Borrower

 

 

 

 

Instrument

 

 

 

 

Currency

 

 

 

 

 

Nominal (million)

 

 

 

 

 

Final maturity

Carrying amount
(EUR million)

 

December 31, 2016

Carrying 

amount 

(EUR

million)

 

December 31, 2015

 

Nokia Corporation

Revolving credit facility1

EUR

1 579 June 2019

0

0

 
Nokia Corporation

6.625% senior notes

USD

500

May 2039

482

467

 
Alcatel-Lucent USA Inc.

6.45% senior notes

USD

1 360

March 2029

1306

0

 
Alcatel-Lucent USA Inc.

6.5% senior notes

USD

300

January 2028

287

0

 
Alcatel-Lucent S.A.

0.125% OCEANE convertible bond

EUR

0

January 2020

0

0

 
Nokia Corporation

5.375% senior notes

USD

1 000 May 2019 961 940  
Nokia Corporation

6.75% senior notes

EUR

500 February 2019 527 539  
Alcatel-Lucent S.A. 0% OCEANE convertible bond EUR 0 January 2019

0

0

 
Nokia Corporation and various subsidiaries Other liabilities2       464 128  
Total         4 027 2 074  

1 In June 2016 Nokia exercised its options to increase the size of the EUR 1 500 million revolving credit facility to EUR 1 579 million and to extend the maturity date from June 2018 to June 2019. The facility has a one-year extension option remaining, no financial covenants and it remains undrawn.

This line includes liabilities related to French R&D tax credits (i.e. “Crédits d’Impôt Recherche”) of EUR 132 million (EUR 0 million December 31, 2015) that have been sold to banks on a recourse basis and hence not derecognized from the consolidated statement of financial position.

In total 211 579 445 of 2018 OCEANE convertible bonds, 57 852 372 of 2019 OCEANE convertible bonds and 72 783 038 of 2020 OCEANE convertible bonds, with nominal amounts of EUR 381 million, EUR 238 million and EUR 293 million respectively, were tendered in the French and U.S. offers for exchange into Nokia shares and converted to Alcatel-Lucent shares by Nokia following the settlement of reopened offer in February 2016. As a result of conversion, less than 15% of the 2018 OCEANE convertible bonds remained outstanding and Nokia caused Alcatel-Lucent S.A. to redeem at par value, plus accrued interest all of the outstanding 2018 OCEANE convertible bonds pursuant to the terms and conditions of the bonds.

During January and February 2016 other bondholders have converted 19 981 014 of 2018 OCEANE convertible bonds, 1 014 828 of 2019 OCEANE convertible bonds and 5 010 000 of 2020 OCEANE convertible bonds, with nominal amounts of EUR 36 million, EUR 4 million and EUR 20 million, respectively. Additionally certain bondholders exercised their right to put back 7 393 369 of 2019 OCEANE convertible bonds and 1 751 000 of 2020 OCEANE convertible bonds at par plus accrued interest for a cash consideration of EUR 30 million and EUR 7 million, respectively.

During May and June 2016 Nokia acquired in privately negotiated transactions in total 82 608 794 of 2019 OCEANE convertible bonds and 22 233 534 of 2020 OCEANE convertible bonds in consideration for an aggregate cash payment of EUR 473 million. Transactions corresponded to a unit price of EUR 4.51 per 2019 OCEANE and EUR 4.50 per 2020 OCEANE.

In September 2016 Nokia launched its Public Buy-Out Offer for all the securities of Alcatel-Lucent that it does not own. On October 4, 2016 the AMF announced that a legal action was filed before the Paris Court of Appeal on September 30, 2016 for annulment of the AMF's clearance decision regarding the Offer. On October 25, 2016, the AMF announced the continuation of the timetable of the Offer. Accordingly, the Public Buy-Out Offer period ended on October 31, 2016 and the Squeeze-Out was implemented on November 2, 2016, in accordance with the General Regulation of the AMF.

All of the remaining Nokia borrowings are senior unsecured and have no financial covenants.

 

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