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

See related download

Euro Commercial Paper (ECP)

USD 4 000

 

US Commercial Paper (USCP)

USD 4 000

 

Debt capital market issuances



Issuer

Program

Amount (millions)

Coupon
(p.a.)

Issue date

Maturity

Term sheets

Nokia Corporation

EMTN

EUR 1 250

5.50%

4-Feb-2009

4-Feb-2014

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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 international credit worthiness helps us make efficient use of international capital and loan markets. The ratings of Nokia from credit rating agencies as of 29 October, 2013 were:

 

S&P

Moody's

Short-term

B

P-3

Long-term

B+

B1

INTEREST-BEARING LIABILITIES, EUR million
(unaudited)

Nokia

Issuer/Borrower

Final Maturity

9/30/2013

9/30/2012

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

375

382

381

USD Bond 2019 (USD 1000 million 5.375%)

Nokia Corporation

May 2019

750

765

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 Convertible Bond 2020 (EUR 500 million 3.625%)

Nokia Corporation

September 2020

500

-

-

EUR Convertible Bond 2019 (EUR 500 million 2.5%)

Nokia Corporation

September 2019

500

-

-

EUR Convertible Bond 2018 (EUR 500 million 1.125%)

Nokia Corporation

September 2018

500

-

-

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

Nokia Corporation

-15815655

Other interest-bearing liabilities

Nokia Corporation and various subsidiaries

134248209

Total Nokia

5,601

3,801

4,406


Nokia Siemens Networks

Issuer/Borrower

Final Maturity

9/30/2013

9/30/2012

12/31/2012

Revolving Credit Facility (EUR 750 million)

Nokia Solutions and Networks Finance B.V.

June 2015

-

-

-

EUR Bond 2020 (EUR 350 million 7.125%)

Nokia Solutions and Networks Finance B.V.

April 2020

350

-

-

EUR Bond 2018 (EUR 450 million 6.75%)

Nokia Solutions and Networks Finance B.V.

April 2018

450

-

-

EUR Finnish Pension Loan

Nokia Solutions and Networks Oy

October 2015

110

154

132

EUR Nordic Investment Bank

Nokia Solutions and Networks Finance B.V.

March 2015

24

80

80

EUR EIB R&D Loan

Nokia Solutions and Networks Finance B.V.

January 2015

50

150

150

Bank Term Loan (EUR 750 million)

Nokia Solutions and Networks Finance B.V.

Prepaid March 2013

-

750

600

Differences between Bond nominal and carrying values1

-19

-

-

Other interest-bearing liabilities

Nokia Solutions and Networks Finance B.V. and various subsidiaries

155

280

181

Total Nokia Solutions and Networks

1,120

1,414

1,143

Total Nokia Group

6,721

5,215

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 Solutions and Networks borrowings listed above are Senior Unsecured and with financial covenants. Nokia has not guaranteed any of the Nokia Solutions and Networks borrowings and thus these are non-recourse to Nokia. All Nokia Solutions and Networks Finance B.V. borrowings above are guaranteed by Nokia Solutions and Networks Oy and/or Nokia Solutions and Networks B.V. In December 2011, Nokia Solutions and 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 Solutions and 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 780 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 Solutions and Networks' EUR Finnish Pension Loan, EUR EIB R&D Loan and EUR Nordic Investment Bank Loan EUR 44 million, EUR 25 million and EUR 16 million respectively are included in current maturities as of 30 September, 2013.