European vendor Nokia Siemens Networks (NSN) has announced plans to offer €600m in senior notes to pay down debt.
JP Morgan and Credit Suisse are understood to be global coordinators and bookrunners for the issue. Barclays, BofA Merrill Lynch,…
European vendor Nokia Siemens Networks (NSN) has announced plans to offer €600m in senior notes to pay down debt.
JP Morgan and Credit Suisse are understood to be global coordinators and bookrunners for the issue. Barclays, BofA Merrill Lynch, Citigroup, Nordea, RBS and Societe Generale are also bookrunners.
NSN, a joint venture between Finland’s Nokia and Germany’s Siemens, had around €1.1bn in loans at the end of 2012.
A spokesman for Nokia said: “The bond proceeds will primarily be used to refinance our current loan agreements in order to extend the maturity of our debt and provide the company with a long term and stable capital structure.”
Rumours that NSN was planning to offer its first high yield bond peaked in January, as its restructuring and cost cutting drive started to bear fruit.
With the improved outlook, speculation has grown that its owners could seek to sell or float the venture, after failing to sell a majority stake back in 2011.
The companies declined to comment on the speculation.
