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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

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SEC Reg. Shelf

Indeterminate

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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

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Nokia Corporation

SEC Reg. Shelf

USD 1 000

5.375%

7-May-2009

15-May-2019

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Nokia Corporation

SEC Reg. Shelf

USD 500

6.625%

7-May-2009

15-May-2039

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Credit ratings

Our credit worthiness helps us make efficient use of international capital and loan markets. Nokia’s ratings as of 15 May, 2014 were:

 

S&P

Moody's

Short-term

B

NP

Long-term

BB

Ba2

INTEREST-BEARING LIABILITIES, Nokia Group, Continuing operations, EUR million

(unaudited)

Nokia

Issuer/Borrower

Final Maturity

6/30/2014

6/30/2013

12/31/2013

Revolving Credit Facility (EUR 1 500 million)

Nokia Corporation

March 2016

0

0

0

USD Bond 2039 (USD 500 million 6.625%)

Nokia Corporation

May 2039

369

375

364

USD Bond 2019 (USD 1000 million 5.375%)

Nokia Corporation

May 2019

738

750

727

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

750

EUR Bond 2014 (EUR 1 250 million 5.5%)

Nokia Corporation

February 2014

0

1,250

1,250

EUR EIB R&D Loan

Nokia Corporation

February 2014

0

500

500

Prepaid liabilities1  Nokia Corporation April 2014 0 0 1,500
Prepaid liabilities2

Nokia Solutions and Networks Finance B.V. and Nokia Solutions and Networks Oy

June 2014 0 988 958

Differences between Bond nominal and carrying values3

Nokia Corporation

  2 -20 -182

Other liabilities4

Nokia Corporation and various subsidiaries

  163 293 295

Total Nokia

   

2,522

5,386

6,662

1 On April 25, 2014 Nokia completed the sale of substantially all of its Devices & Services business to Microsoft and EUR 500 million 1.125% convertible bonds due September 2018, EUR 500 million 2.5% convertible bonds due September 2019 and EUR 500 million 3.625% convertible bonds due September 2020, all issued by Nokia Corporation to Microsoft, were repaid and netted against the deal proceeds by the amount of principal and accrued interest. Completion of this repayment resulted in EUR 57 million accounting charge for the second quarter 2014.

2 On June 19, 2014 Nokia Solutions and Networks Finance B.V. redeemed EUR 450 million 6.75% bonds due April 2018 and EUR 350 million 7.125% bonds due April 2020. During the second quarter 2014 Nokia Solutions and Networks Finance B.V. prepaid EUR 88 million Finnish Pension Loan due October 2015, EUR 50 million R&D Loan from European Investment Bank, EUR 16 million Loan from Nordic Investment Bank and cancelled EUR 750 million Revolving Credit Facility due June 2015. Completion of the above redemptions and cancellations resulted in EUR 123 million finance expense for the second quarter 2014. 

3 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.

4 This line includes also EUR 2 million (EUR 23 million and EUR 76 million, at June 30, 2013 and December 31, 2013 respectively) of non-interest bearing payables relating to cash held temporarily due to the divested businesses where Nokia  Networks continues to perform services within a contractually defined scope for a specified timeframe. 

Upon completion of the above repayments, redemptions and cancellations, Nokia Corporation is the issuer or borrower in all material Nokia Group borrowings. All of these borrowings are senior unsecured and have no financial covenants.