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.
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.