European vendor Nokia Siemens Networks (NSN) has secured a €1.255bn forward start facility from a group of 14 banks, with the option to increase the debt further, TelecomFinance has confirmed.
NSN, a 50:50 JV shared by Finland’s Nokia and…
European vendor Nokia Siemens Networks (NSN) has secured a €1.255bn forward start facility from a group of 14 banks, with the option to increase the debt further, TelecomFinance has confirmed.
NSN, a 50:50 JV shared by Finland’s Nokia and Germany’s Siemens, declined to comment on the financing, which will help replace a €2bn credit facility set to expire in June 2012
But a person with knowledge of the transaction confirmed that the banks involved include JPMorgan, Citigroup, BofA, RBS and Standard Chartered, as previously reported by the FT.
Around half of the total debt will be provided on a one-year term loan, with the remainder on a three-year term. The company had initially sought to raise €1.5bn.
NSN, which on November 2011 announced plans to cut 17,000 employees to rejuvenate profits, received a combined €1bn from its parents late last year, after they called off a near-year long attempt to find a buyer for a majority stake in the business. However, reports suggest NSN does not plan to tap its JV owners again for financing.
