Microsoft Plans to Buy $2 Billion Convertible Bonds From Nokia
Stock Chart for Nokia OYJ (NOK1V)
Microsoft Corp. (MSFT) is to buy 1.5 billion euros ($2 billion) of convertible bonds from Nokia Oyj (NOK1V) to help the Finnish company repay loans it used to fund the buyout of Nokia Siemens Networks.
The securities will be redeemed on completion of Microsoft’s $7.2 billion acquisition of Nokia’s handset business, according to a statement from the Espoo, Finland-based company.
Nokia agreed to buy Siemens AG (SIE)’s 50 percent share in Nokia Siemens Networks in July for 1.7 billion euros. It raised 1.2 billion euros of loans arranged by JPMorgan Chase & Co. and borrowed 500 million euros from Siemens, people familiar with the debt said at the time.
To contact the editor responsible for this story: Faris Khan at firstname.lastname@example.org
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.