Nokia Solutions and Networks to redeem all €800 million notes June 19

By Tali Rackner

Norfolk, Va., May 20 - Nokia Corp. plans to redeem all €800 million of senior notes issued by Nokia Solutions and Networks Finance BV, according to a press release.

Nokia Solutions and Networks Finance will redeem all of its €450 million senior notes due 2018 and €350 million senior notes due 2020, each at par plus accrued interest. The mandatory redemption will be completed on or about June 19.

The redemption is part of Nokia's planned €5 billion capital structure optimization program announced on April 29 that focuses on, among other things, reducing interest-bearing debt.

Nokia announced that it plans to reduce interest-bearing debt by about €2 billion by the end of the second quarter of 2016. Once complete, the debt reduction is expected to result in annual run-rate savings of at least €100 million related to recurring interest costs.

Furthermore, lowering its gross debt level is aligned with Nokia's long-term target to return to being an investment-grade company, the release said.

Espoo, Finland-based Nokia is a wireless telecommunications equipment maker.

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