Nokia reports final results in offer for 2024, 2025, 2026 notes

By Mary-Katherine Stinson

Lexington, Ky., Feb. 17 – Nokia Oyj gave final results in its offers to purchase its outstanding notes from three series for cash up to a maximum acceptance amount, according to a 6-K filing with the Securities and Exchange Commission.

The results of the offers as of the expiration time at 11 a.m. ET on Feb. 16 are as follows:

• €372,472,000 of the €750 million 2% notes due March 15, 2024 (ISIN: XS1577731604) were tendered and accepted for purchase at a purchase price of 98.728, reflecting a purchase yield of 3.238%, which was based on the interpolated mid-swap rate and a fixed spread of negative 35 basis points;

• €207,843,000 of the €500 million 2.375% notes due May 15, 2025 (ISIN: XS2171759256) were tendered and accepted for purchase at a purchase price of 97.456, reflecting a purchase yield of 3.58%, which was based on interpolated mid-swap rate and a fixed spread of 5 bps; and

• €256,879,000 of the €750 million 2% notes due March 11, 2026 (ISIN: XS1960685383) were tendered with €119,685,000 accepted for purchase at a purchase price of 95.331, reflecting a purchase yield of 3.645%, which is based on the interpolated mid-swap rate and a fixed spread of 25 bps.

The tendered 2024 notes and 2025 notes were accepted in full. The tendered 2026 notes were prorated at about 43.513%.

The 2024 notes and 2025 notes had priority in acceptance over the 2026 notes.

The company will also pay accrued interest, as previously reported.

Settlement is slated for Feb. 21.

After settlement, €377,528,000 of the 2024 notes, €292,157,000 of the 2025 notes and €630,315,000 of the 2026 notes remain outstanding.

The tender offers were subject to a new financing condition which has been satisfied with a new note issuance. On Feb. 10, Nokia priced a new issue of €500 million 4.375% notes due Aug. 21, 2031.

Noteholders who participated in the tender offers may be given priority in allocation of the new notes.

The company said the purpose of the tender offers and the issue of new notes is to manage its overall debt and to extend its debt maturity profile in an efficient manner.

The joint dealer managers for the tender offers are BofA Securities SA (+33 1 87 70 10 57; DG.LM-EMEA@bofa.com), Citigroup Global Markets Ltd. (+44 20 7986 8969; liabilitymanagement.europe@citi.com), Deutsche Bank AG (+44 20 7545 8011) and UniCredit Bank AG (+39 02 8862 0581; corporate.lm@unicredit.de).

The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; nokia@is.kroll.com).

The communications technology provider is based in Espoo, Finland.

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