Nokia hopes to raise €750 million with bonds

Nokia hopes to raise €750 million with bondsFinnish manufacturer Nokia continues to struggle in a spectacular post-Symbian fall from grace, and despite backing Microsoft’s all singing, all dancing Windows Phone. Go figure.

In an effort to scrape together some cash, Nokia will issue a batch of bonds this Friday, with an aggregate principal amount of €750 million.

The plan is detailed in full with a press release sensibly titled Nokia launches Convertible Bonds to raise approximately EUR 750 million (avert your eyes if you're in the US).

And what does Nokia plan to do with the €750 million? No prizes for guessing that the Finnish crew “intends to use the net proceeds of the offering to prudently manage its capital structure, proactively address upcoming debt maturities while preserving existing pools of liquidity and for general corporate purposes.” A tad verbose, but makes sense.

Nokia's Executive Vice President and CFO, Timo Ihamuotila, yelled: "This offering is designed to further strengthen our financial position and liquidity profile while allowing us to benefit from the current attractive long-term financing opportunities in the convertible bond market.”

Yep, attractive due to the terrible global economy and that.

Nokia has a lot riding on Windows Phone 8, which launches properly next Monday. The Nokia Lumia 920 and Lumia 820 will be released, er, presumably shortly afterwards.

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6 comments

Pondlife  Oct. 24, 2012 at 18:04

Hang on I'll check down the back of the sofa.

NotStirred  Oct. 24, 2012 at 18:17

Sean Connery is the best.

moonmonkey  Oct. 24, 2012 at 18:21

Not a great investment... If Win 8 doesn't go well I think Nokia should bite the bullet and go Android.

Monkeybusiness  Oct. 24, 2012 at 19:51

Shocked. Thought someone near the top of the company has been deliberately trying to screw them into the floor for the the last three years. Properly surprised that they're doing something that actually would keep them trading for longer before they get taken over by Microsoft.

Moonmonkey: Nokia + Android, I think you've just described my perfect phone.

Treab  Oct. 24, 2012 at 21:00

Ill give them £5 to take the company private...

CTPAHHIK  Oct. 25, 2012 at 11:48

If you put off by prospect of buying Greek bonds, invest in Nokia.

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