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 | See related download |
Euro Commercial Paper (ECP) | USD 4 000 |
|
US Commercial Paper (USCP) | USD 4 000 |
|
SEC Reg. Shelf
Capital market issuances
Issuer | Program | Amount (millions) | Coupon | Issue date | Maturity | Term sheets |
Nokia Corporation | EMTN | EUR 1 250 | 5.50% | 4-Feb-2009 | 4-Feb-2014 | |
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 |
Capital market issuances
Credit ratings
Our international credit worthiness helps us make efficient use of international capital and loan markets. The ratings of Nokia from credit rating agencies as of 15 August, 2012 were:
| S&P | Moody's |
Short-term | B | P-3 |
Long-term | BB- | Ba3 |
INTEREST-BEARING LIABILITIES, EUR million
(unaudited)
Nokia | Issuer/Borrower | Final Maturity | 3/31/2013 | 3/31/2012 | 12/31/2012 |
Revolving Credit Facility (EUR 1 500 million) | Nokia Corporation | March 2016 | - | - | - |
USD Bond 2039 (USD 500 million 6.625%) | Nokia Corporation | May 2039 | 385 | 380 | 381 |
USD Bond 2019 (USD 1000 million 5.375%) | Nokia Corporation | May 2019 | 770 | 760 | 761 |
EUR Bond 2019 (EUR 500 million 6.75%) | Nokia Corporation | February 2019 | 500 | 500 | 500 |
EUR Convertible Bond 2017 (EUR 750 million 5%) | Nokia Corporation | October 2017 | 750 | - | 750 |
EUR Bond 2014 (EUR 1 250 million 5.5%) | Nokia Corporation | February 2014 | 1,250 | 1,250 | 1,250 |
EUR EIB R&D Loan | Nokia Corporation | February 2014 | 500 | 500 | 500 |
Differences between Bond nominal and carrying values1 | 39 | 123 | 55 | ||
Other interest-bearing liabilities | Nokia Corporation and various subsidiaries | 159 | 135 | 209 | |
Total Nokia | 4,353 | 3,648 | 4,406 |
Nokia Siemens Networks | Issuer/Borrower | Final Maturity | 3/31/2013 | 3/31/2012 | 12/31/2012 |
Revolving Credit Facility (EUR 750 million) | Nokia Siemens Networks | June 2015 | - | - | - |
Revolving Credit Facility (EUR 2 000 million) | Nokia Siemens Networks | June 2012 | - | 300 | - |
EUR Bond 2020 (EUR 350 million 7.125%) | Nokia Siemens Networks | April 2020 | 350 | - | - |
EUR Bond 2018 (EUR 450 million 6.75%) | Nokia Siemens Networks | April 2018 | 450 | - | - |
EUR Finnish Pension Loan | Nokia Siemens Networks Oy. | October 2015 | 132 | 176 | 132 |
EUR Nordic Investment Bank | Nokia Siemens Networks Finance B.V. | March 2015 | 55 | 80 | 80 |
EUR EIB R&D Loan | Nokia Siemens Networks Finance B.V. | January 2015 | 100 | 200 | 150 |
Bank Term Loan (EUR 750 million) | Nokia Siemens Networks Finance B.V. | - | - | 600 | |
Differences between Bond nominal and carrying values1 | -17 | - | - | ||
Other interest-bearing liabilities | Nokia Siemens Networks Finance B.V. and various subsidiaries | 200 | 513 | 181 | |
Total Nokia Siemens | 1,270 | 1,273 | 1,143 | ||
Total Nokia Group | 5,623 | 4,921 | 5,549 |
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1 This line includes mainly Fair Value adjustments for bonds that are designated under Fair value hedge accounting and difference between Convertible Bond nominal value and carrying value of the financial liability component.
All Nokia borrowings listed above are Senior Unsecured and have no financial covenants.
All Nokia Siemens Networks borrowings listed above are Senior Unsecured and with financial covenants. Nokia has not guaranteed any of the Nokia Siemens Networks borrowings and thus these are non-recourse to Nokia. All Nokia Siemens Networks Finance B.V. borrowings above are guaranteed by Nokia Siemens Networks Oy and/or Nokia Siemens Networks B.V. In December 2011, Nokia Siemens Networks signed a forward starting term loan and revolving credit facilities agreement to replace its revolving credit facility that matured in June 2012. In December 2012, the maturity date of the term loan agreement was extended from June 2013 to March 2014 and the size was reduced from EUR 750 million to EUR 600 million.
In March 2013 Nokia Siemens Networks issued EUR 450 million of 6.75% Senior Notes due April 2018 and EUR 350 million of 7.125% Senior Notes due April 2020. The net proceeds, EUR 783 million, from the bond issuance were used to prepay EUR 600 million Bank term loan and EUR 50 million of the EUR EIB R&D loan in March 2013 and the remaining proceeds are to be used for general corporate purposes.
Of the Nokia Siemens Networks' EUR Finnish Pension Loan, EUR EIB R&D Loan and EUR Nordic Investment Bank Loan EUR 44 million, EUR 50 million and EUR 28 million respectively are included in current maturities as of 31 March, 2013.