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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 17 April, 2015 were:

 

S&P

Moody's

Short-term

B

NP

Long-term

BB+

Ba2

INTEREST-BEARING LIABILITIES, Nokia Group, Continuing operations (unaudited)

EUR million

Issuer/Borrower

Final Maturity

6/30/2015

6/30/2014

12/31/2014

Revolving Credit Facility (EUR 1 500 million)1

Nokia Corporation

June 2018

0

0

0

USD Bond 2039 (USD 500 million 6.625%)

Nokia Corporation

May 2039

447

369

412

USD Bond 2019 (USD 1000 million 5.375%)

Nokia Corporation

May 2019

894

738

824

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

Differences between Bond nominal and carrying values2

Nokia Corporation

  24 2 21

Other liabilities3

Nokia Corporation and various subsidiaries

  173 163 185

Total

   

2,788

2,522

2,692

1 In June 2015 Nokia refinanced its undrawn EUR 1 500 million Revolving Credit Facility maturing in March 2016 with new similar size Facility maturing in June 2018. The new facility has two one year extension options, no financial covenants and it remains undrawn.

2 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.

3 This line includes also EUR 4 million (EUR 2 million and EUR 8 million, June 30, 2014 and December 31, 2014 respectively) of non-interest bearing payables relating to cash held temporarily due to the divested businesses where Nokia Solutions and Networks continues to perform services within a contractually defined scope for a specified timeframe.

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.