HELSINKI (Reuters) – Nokia plans to issue new euro-denominated fixed-rate notes, the Finnish telecom equipment maker said on Wednesday, and a lead manager told Reuters it was set to raise 1 billion euros from demand of 5.7 billion euros.
Nokia also issued an offer to buy back for cash its 1% notes due March 15, 2021 for up to 500 million euros.
The purpose of the tender offer is to manage Nokia’s overall indebtedness, it said a statement.
Last week, Nokia reported its first-quarter earnings and negative free cash flow of 6 million euros for the quarter.
(Reporting by Anne Kauranen in Helsinki and Abhinav Ramnarayan and Yoruk Bahceli in London; Editing by Alex Richardson and Jason Neely)