May 6, 2020 / 1:11 PM / a month ago

Finland's Nokia set to raise one billion euros with new bond

The logo of Nokia is seen before the company's news conference in Espoo, Finland March 2, 2020. Lehtikuva/Markku Ulander via REUTERS/Files

HELSINKI (Reuters) - Nokia plans to issue new euro-denominated fixed-rate notes, the Finnish telecom equipment maker said on Wednesday, and a lead manager told Reuters it was set to raise 1 billion euros from demand of 5.7 billion euros.

Nokia also issued an offer to buy back for cash its 1% notes due March 15, 2021 for up to 500 million euros.

The purpose of the tender offer is to manage Nokia’s overall indebtedness, it said a statement.

Last week, Nokia reported its first-quarter earnings and negative free cash flow of 6 million euros for the quarter.

Reporting by Anne Kauranen in Helsinki and Abhinav Ramnarayan and Yoruk Bahceli in London; Editing by Alex Richardson and Jason Neely

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