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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

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 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 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, EUR million

(unaudited)

Nokia

Issuer/Borrower

Final Maturity

3/31/2014

3/31/2013

12/31/2013

Revolving Credit Facility (EUR 1 500 million)

Nokia Corporation

March 2016

-

-

-

USD Bond 2039 (USD 500 million 6.625%)

Nokia Corporation

May 2039

360

385

364

EUR Convertible Bond 2020 (EUR 500 million 3.625%)

Nokia Corporation September 2020 500 0 500

EUR Convertible Bond 2019 (EUR 500 million 2.5%)

Nokia Corporation September 2019 500 0 500

USD Bond 2019 (USD 1000 million 5.375%)

Nokia Corporation

May 2019

720

770

727

EUR Bond 2019 (EUR 500 million 6.75%)

Nokia Corporation

February 2019

500

500

500

EUR Convertible Bond 2018 (EUR 500 million 1.125%)

Nokia Corporation

September 2018

500

0

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

Differences between Bond nominal and carrying values1

Nokia Corporation

  -150 39 -164

Other interest-bearing liabilities

Nokia Corporation and various subsidiaries

  102 159 144

Total Nokia

   

3,782

4,353

5,571

 

Nokia Solutions and Networks

Issuer/Borrower

Final Maturity

3/31/2014

3/31/2013

12/31/2013

Revolving Credit Facility (EUR 750 million)

Nokia Solutions and Networks Finance B.V.

June 2015

0

0

0

EUR Bond 2020 (EUR 350 million 7.125%)

Nokia Solutions and Networks Finance B.V.

April 2020

350

350

350

EUR Bond 2018 (EUR 450 million 6.75%)

Nokia Solutions and Networks Finance B.V.

April 2018

450

450

450

EUR Finnish Pension Loan

Nokia Solutions and Networks Oy

October 2015

88

132

88

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

100

50

Differences between Bond nominal and carrying values1

   

-18

-17

-18

Other interest-bearing liabilities²

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

 

66

200

151

Total Nokia Solutions and Networks    

1,002

1,270

1,091

Total Nokia Group

   

4,784

5,623

6,662


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.
2 This line includes also EUR 25 million (EUR 76 million, at December 31, 2013) 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. 

All Nokia borrowings listed above are Senior Unsecured and have no financial covenants.

All Networks borrowings listed above are Senior Unsecured and with financial covenants. Nokia has not guaranteed any of the 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, Networks signed a forward starting term loan and revolving credit facilities agreement to replace its revolving credit facility that matured in June 2012.

In March 2013 Networks issued 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 779 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 Networks' EUR Finnish Pension Loan, EUR EIB R&D Loan and EUR Nordic Investment Bank Loan EUR 44 million, EUR 50 million and EUR 16 million respectively are included in current maturities as of 31 March, 2014.

At completion of the sale of substantially all of Nokia’s Devices & Services business to Microsoft on 25 April, 2014 the convertible bonds issued by Nokia to Microsoft following the announcement of the transaction (aggregate nominal value EUR 1,500 million and maturity dates in 2018, 2019 and 2020) have been redeemed and netted against the deal proceeds.