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Debt

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

Download document

SEC Reg. Shelf

Indeterminate

Inactive

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 500

6.75%

4-Feb-2009

4-Feb-2019

Download document

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)

 

June 30, 2016

Carrying amount 
(EUR million)

 

June 30, 2015

Carrying 

amount 

(EUR

million)

 

December 31, 2015

Nokia Corporation

Revolving Credit Facility1

EUR

1 579 June 2019

0

0

0
Nokia Corporation

6.625% Senior Notes

USD

500

May 2039

473

450

467
Alcatel-Lucent USA Inc.

6.45% Senior Notes

USD

1 360

March 2029

1240

0

0
Alcatel-Lucent USA Inc.

6.5% Senior Notes

USD

300

January 2028

272

0

0
Alcatel-Lucent S.A.

0.125% OCEANE Convertible Bond

EUR

20

January 2020

21

0

0
Nokia Corporation

5.375% Senior Notes

USD

1 000 May 2019 936 921 940
Nokia Corporation

6.75% Senior Notes

EUR

500 February 2019 534 541 539
Alcatel-Lucent S.A. 0% OCEANE Convertible Bond EUR 28 January 2019

29

0

0
Nokia Corporation 5% Convertible Bond2 EUR 750 October 2017 0 703 0
Nokia Corporation and various subsidiaries Other liabilities3       405 173 128
Total         3 910 2 788 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.

In November 2015, Nokia exercised its option to redeem EUR 750 million convertible bonds at their principal amount outstanding plus accrued interest. Virtually all bondholders elected to convert their convertible bonds into Nokia shares before redemption.

3 This line includes liabilities related to French R&D tax credits (i.e. “Crédits d’Impôt Recherche”) of EUR 132 million (EUR 0 million at June 30, 2015 and at 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 January 2016, Alcatel-Lucent S.A. repaid its EUR 190 million 8.50% senior notes. In February, 2016, Alcatel-Lucent USA Inc. redeemed its USD 650 million 4.625% notes due July 2017, USD 500 million 8.875% notes due January 2020 and USD 700 million 6.750% notes due November 2020 in accordance with their respective terms and conditions. In February 2016, Alcatel-Lucent S.A. terminated its EUR 504 million revolving credit facility. In March 2016, the Alcatel-Lucent Submarine Networks’ credit facility of EUR 74 million was repaid.

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 SA 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.

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