FILE PHOTO: The Nokia logo is seen at the Mobile World Congress in Barcelona, Spain, February 28, 2018. REUTERS/Sergio Perez
(Reuters) – Finnish telecom equipment maker Nokia said on Thursday it would buy back 150 million euros ($162 million) of its March 2021 notes as it restructures its finances.
Nokia, which axed its dividend after a profit warning in October to preserve cash, is battling with China’s Huawei [HWT.UL] and Sweden’s Ericsson in the race to build next-generation 5G networks.
“We are pleased to have pre-financed our 2021 and 2022 maturities in-line with our prudent capital structure management,” Chief Financial Officer Kristian Pullola said in a statement.
He said Nokia was positioning the business well to continue to fund research and development needed in the industry.
Nokia said it accepted 66% of notes tendered and 350 million euros of its March 2021 notes would remain outstanding after settlement of the offer.
Barclays Bank, Citigroup Global Markets,…
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