Shearman And Sterling

News May 18, 2020

Nokia’s Senior Notes and Tender Offer

Shearman & Sterling represented Nokia in connection with the update of its €5 billion Euro Medium Term Note Programme (EMTN), a supplement to the base prospectus, the drawdown of €1 billion in senior notes and Nokia’s tender offer for cash for existing debt.

On May 15, 2020, Nokia completed the issuance of its €1 billion aggregate principal amount of new notes comprised of €500 million 2.375 percent senior notes due 2025 and €500 million 3.125 percent senior notes due 2028, each issued under its €5 billion EMTN Programme. The base prospectus for the EMTN Programme was approved by the Central Bank of Ireland and Euronext Dublin on March 27, 2020 and supplemented by a supplementary prospectus on May 5, 2020. The new notes were issued and admitted to listing and trading on Euronext Dublin on May 15, 2020.

The proceeds of the new notes will be used for general corporate purposes and to finance Nokia’s tender offer for up to $150 million in cash consideration for the €500 million 1 percent notes due 2021 previously issued under its EMTN Programme. The tender offer settled on May 15, 2020, as well.

Nokia offers a comprehensive portfolio of network equipment, software, services and licensing opportunities across the globe. With its commitment to innovation, driven by the award-winning Nokia Bell Labs, Nokia is a leader in the development and deployment of 5G networks.

The Team