Nokia Corporation (ADR)(NYSE:NOK) Mandatory Redemption of EUR800M of Senior Notes Completed


Nokia Corporation (ADR)(NYSE:NOK) said the mandatory redemption of EUR800 million ($1.09 billion) of senior notes issued in March 2013 by Nokia Solutions and Networks Finance B.V., the finance company of its Networks business formerly known as NSN, was completed. 

Nokia Solutions and Networks Finance B.V., which is the issuer of the notes, redeemed all of its EUR450 million senior notes due 2018 and EUR350 million senior notes due 2020, each at their principle amount plus the applicable premium and accrued and unpaid interest. 

The redemption is part of the technological-device maker’s planned EUR5 billion capital structure optimization program unveiled in late April, which focuses on, among other things, reducing interest bearing debt. Nokia plans to reduce interest-bearing debt by approximately EUR2 billion by the end of Q2 2016. 

Nokia Corporation (ADR)(NYSE:NOK) was down 5.4% in recent pre-market trading at $7.88, in a 52-week range of $3.67 to $8.35. The 52-week high was just reached in Wednesday’s session, after shareholders approved the buyback of up to 370 million shares before Dec. 17, 2015, and resolved to distribute an ordinary dividend of 0.11 euros per share as well as a special dividend of 0.26 euros per share, to be paid July 3. 

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