Sept. 6 (Bloomberg) -- Microsoft Corp. is to buy 1.5 billion euros ($2 billion) of convertible bonds from Nokia Oyj 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’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.
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