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News Aug 13, 2015

Shearman & Sterling Advises Nokia on Refinancing of its €1.5 Billion Revolving Credit Facility

Shearman & Sterling has advised Nokia Corporation in relation to the refinancing of its undrawn €1.5 billion revolving credit facility.  The new €1.5 billion revolving credit facility, which is available for general corporate purposes, has a three year maturity with two one-year extension options.

Shearman & Sterling has a long-standing relationship with Nokia, most recently advising Nokia on the sale of its HERE digital mapping and location services business to a consortium of leading automotive companies. The firm also advised Nokia on its €1.7 billion (US $2.2 billion) acquisition from Siemens of its entire 50 per cent stake in their joint venture, Nokia Siemens Networks in 2013.

The Shearman & Sterling team advising Nokia on the new revolving credit facility consisted of partners Mei Lian and Clifford Atkins, associate Tom Berisford and trainee Joelle Wong (all London – Finance).  Counsel Simon Letherman (London – Tax) advised on tax aspects.