Nokia accepts tenders for €150 million of 1% notes due 2021

By Marisa Wong

Los Angeles, May 14 – Nokia Corp. said holders had tendered €227,064,000 of its €500 million outstanding 1% notes due March 15, 2021 (ISIN: XS1577727164) as of 11 a.m. ET on May 13, the expiration of its previously announced tender offer.

Nokia will accept for purchase €150 million of the notes using a proration factor of 65.953%, according to a Thursday press release.

As announced on May 6, notes will be purchased at €1,003.01 per €1,000 note for a purchase yield of 0.6%, together with any accrued interest.

The issuer said the financing condition has been satisfied, subject to settlement of a new notes issue.

Nokia priced €500 million of 2 3/8% notes due May 15, 2025 and €500 million of 3 1/8% notes due May 15, 2028, proceeds of which will be used to fund the tender offer.

After settlement of the tender offer, which is expected to be on May 15, there will be €350 million of the 2021 notes remaining outstanding.

Barclays Bank plc (+44 20 3134 8518, eu.lm@barclays.com), Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com), Goldman Sachs International (+44 20 7552 6157, liabilitymanagment.eu@gs.com) and Nordea Bank Abp (+45 5547 4253, nordealiabilitymanagement@nordea.com) are joint dealer managers for the tender offer.

The communications technology provider is based in Espoo, Finland.

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