Nokia 2011 Annual Report Download - page 289

The most significant existing Committed Facilities include:
Borrower(s):
Nokia Corporation: ........................... EUR1500million Revolving Credit
Facility, maturing 2016
Nokia Siemens Networks Finance B.V. and Nokia
Siemens Networks Oy: ......................
EUR 2 000 million Revolving Credit
Facility, maturing 2012
EUR 1 500 million Revolving Credit Facility of Nokia Corporation is used primarily for US and Euro
Commercial Paper Programs back up purposes. As at year end 2011, this facility was fully undrawn.
On December 21, 2011, Nokia Siemens Networks signed a forward starting term and multicurrency
revolving facilities agreement valued at EUR 1 255 million to replace Nokia Siemens Networks’ existing
EUR 2 000 million revolving credit facility when it matures in June 2012. The committed facilities are
comprised in equal parts of a revolving credit facility maturing in June 2015 and a term loan facility that
matures in June 2013. They will be used for general corporate purposes. The amount of commitments
available under the Forward Starting Credit Facilities may be increased until the forward starting date
in June 2012 and by March 2012 the commitment has been increased by EUR 150 million to
EUR 1 405 million. Both the EUR 1 255 million Forward Starting Credit Facility and the existing
EUR 2 000 million Revolving Credit Facility include financial covenants related to leverage and interest
coverage of Nokia Siemens Networks. As of December 31, 2011, EUR 613 million of the existing
EUR 2 000 million Revolving Credit Facility was drawn and all financial covenants were satisfied.
As of December 31, 2011 the weighted average commitment fee on the committed credit facilities was
0.71% per annum (0.83% in 2010).
The most significant existing funding programs as of December 31, 2011 were:
Issuer(s): Program Issued
Nokia Corporation: .................. Shelf registration statement on file with the US
Securities and Exchange Commission
USD 1 500 million
Nokia Corporation: .................. Euro Medium-Term Note Program, totaling
EUR 5 000 million
EUR 1 750 million
Nokia Corporation: .................. Local commercial paper program in Finland,
totaling EUR 750 million
Nokia Corporation: .................. USCommercial Paper program, totaling
USD 4 000 million
Nokia Corporation and Nokia Finance
International B.V.: ................
Euro Commercial Paper program, totaling
USD 4 000 million
Nokia Siemens Networks Finance
B.V.: ...........................
Local commercial paper program in Finland,
totaling EUR 500 million
EUR 148 million
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