Shearman & Sterling advised Nokia Corporation and Alcatel-Lucent USA Inc. in connection with Nokia’s $1 billion senior notes offering, Nokia’s tender offers for up to $1.5 billion for existing debt and Alcatel-Lucent’s consent solicitation for certain amendments to its existing indenture.

On June 12, 2017, Nokia closed its offering of $500 million 3.375% senior notes due 2022 and $500 million 4.375% senior notes due 2027, each issued under its shelf registration statement filed with the U.S. Securities and Exchange Commission on May 30, 2017. 

The proceeds of the new notes were used to finance Nokia’s tender offers launched on May 30, 2017 for up to $1.5 billion in cash consideration for Alcatel-Lucent’s $300 million 6.50% debentures due 2028 and $1.36 billion 6.45% debentures due 2029; and Nokia’s $1 billion 5.375% notes due 2019. The tender offers settled on June 28, 2017. Concurrently with the tender offers, Alcatel-Lucent successfully solicited consents from holders of its notes to amend the indenture governing its notes.

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