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Nokia set to raise $1 billion through the use of bonds

Nokia to raise around $1 billion through bonds

By Anthony Garreffa from Oct 24, 2012 @ 4:35 CDT

Struggling phone maker, Nokia, have announced that they will be issuing a new slew of convertible bonds that the company hopes will generate around $980 million. Nokia have posted losses for six consecutive quarters and is still going through their cash reserves.

nokia_set_to_raise_1_billion_through_the_use_of_bonds_02

Timo Ihamuotila, Nokia's Executive Vice President and CFO, has said that Nokia's actions have been:

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.

The net proceeds generated from the $980 million of bonds is set to become the phone maker's shares in 2017, which will help the company manage their capital structure, as well as addressing their upcoming debt, all while maintaining existing assets.

NEWS SOURCES:Bgr.com


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