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 |
|
|
SEC Reg. Shelf |
Indeterminate |
Inactive |
Debt capital market issuances
|
Issuer |
Program |
Amount (millions) |
Coupon |
Issue date |
Maturity |
Term sheets |
|
Nokia Corporation |
EMTN |
EUR 500 |
6.75% |
4-Feb-2009 |
4-Feb-2019 |
|
|
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)
March 31, 2017 |
Carrying amount
March 31, 2016 |
Carrying amount (EUR million)
December 31, 2016 |
|
| Nokia Corporation |
Revolving credit facility1 |
EUR |
1 579 | June 2019 |
0 |
0 |
0 |
|
| Nokia Corporation |
6.625% senior notes |
USD |
500 |
May 2039 | 474 |
455 |
482 |
|
| Alcatel-Lucent USA Inc. |
6.45% senior notes |
USD |
959 |
March 2029 | 908 |
1 209 |
1 306 |
|
| Alcatel-Lucent USA Inc. |
6.5% senior notes |
USD |
214 |
January 2028 | 202 |
265 |
287 |
|
| Nokia Corporation | 2.0% senior notes | EUR | 750 | March 2024 | 743 | 0 | 0 | |
| Nokia Corporation | 1.0% senior notes | EUR | 500 | March 2021 | 498 | 0 | 0 | |
| Alcatel-Lucent S.A. |
0.125% OCEANE convertible bond |
EUR |
0 |
January 2020 | 0 |
105 |
0 |
|
| Nokia Corporation |
5.375% senior notes |
USD |
1 000 | May 2019 | 944 | 913 | 961 | |
| Nokia Corporation |
6.75% senior notes |
EUR |
231 | February 2019 | 248 | 537 | 527 | |
| Alcatel-Lucent S.A. | 0% OCEANE convertible bond | EUR | 0 | January 2019 | 0 |
356 |
0 |
|
| Nokia Corporation and various subsidiaries | Other liabilities2 | 395 | 400 | 464 | ||||
| Total | 4 412 | 4 240 | 4 027 |
1 The facility has a one-year extension option remaining, no financial covenants and it remains undrawn.
2 This line includes liabilities related to French R&D tax credits (i.e. “Crédits d’Impôt Recherche”) of EUR 134 million (EUR 211 million March 31, 2016 and EUR 132 million December 31, 2016) that have been sold to banks on a recourse basis and hence not derecognized from the consolidated statement of financial position.
In February 2017 Nokia announced that it commenced an offer to purchase the outstanding EUR 500 million 6.75% notes due February 4, 2019 issued by Nokia Corporation; and the outstanding USD 300 million 6.50% notes due January 15, 2028 and USD 1 360 million 6.45% notes due March 15, 2029 issued by Alcatel-Lucent USA Inc., up to a maximum cash consideration of USD 1 000 million. The purpose of the Tender Offer was to manage the overall indebtedness of Nokia. In March 2017 the Tender Offer expired and Nokia received tenders for EUR 268.8 million (53.76%) of the 2019 EUR Notes, USD 86.0 million (28.66%) of the 2028 USD Notes and USD 400.9 million (29.48%) of the 2029 USD Notes.
In March 2017, Nokia issued EUR 500 million 1.00% Senior Notes due 2021 and EUR 750 million 2.00% Senior Notes due 2024 under our EUR 5 billion Euro Medium-Term Note Programme. The proceeds of the new notes are intended to fund the Tender Offer and for general corporate purposes.
All Nokia borrowings are senior unsecured and have no financial covenants.
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