Nokia 2013 Annual Report Download - page 80

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NOKIA IN 2013
78
As of December ,  Group’s interest bearing liabilities consisted of:
2013 2012
Issuer/Borrower FinalMaturity EURm EURm
Nokia
Revolving Credit Facility (EUR1500million) NokiaCorporation March2016 — —
USD Bond 2039 (USD 500million 6.625%) Nokia Corporation May 2039 364 381
EUR Convertible Bond 2020 (EUR500million 3.625%) Nokia Corporation September2020 500 —
EUR Convertible Bond 2019 (EUR500million 2.5%) Nokia Corporation September2019 500 —
USD Bond 2019 (USD 1000million 5.375%) Nokia Corporation May 2019 727 761
EUR Bond 2019 (EUR 500million 6.75%) Nokia Corporation February 2019 500 500
EUR Convertible Bond 2018 (EUR500million 1.125%) Nokia Corporation September2018 500 —
EUR Convertible Bond 2017 (EUR750million 5%) Nokia Corporation October 2017 750 750
EUR Bond 2014 (EUR 1 250million 5.5%) Nokia Corporation February 2014 1250 1250
EUR EIB R&D Loan Nokia Corporation February 2014 500 500
Diff erences between Bond nominal
and carrying values 1 Nokia Corporation – 164 55
Other interest-bearing liabilities Nokia Corporation and
various subsidiaries 144 209
Total Nokia 5 571 4 406
NSN
Revolving Credit Facility (EUR750million) Nokia Solutions and
Networks Finance B.V. June 2015 — —
EUR Bond 2020 (EUR 350million 7.125%) Nokia Solutions and
Networks Finance B.V. April 2020 350 —
EUR Bond 2018 (EUR 450million 6.75%) Nokia Solutions and
Networks Finance B.V. April 2018 450 —
EUR Finnish Pension Loan Nokia Solutions and
Networks Finance Oy October 2015 88 132
EUR Nordic Investment Bank Nokia Solutions and
Networks Finance B.V. March 2015 20 80
EUR EIB R&D Loan Nokia Solutions and
Networks Finance B.V. January 2015 50 150
EUR Bank Term Loan (EUR 750 million) Nokia Solutions and
Networks Finance B.V. Prepaid March 2013 — 600
Diff erences between Bond nominal
and carrying values 1 Nokia Solutions and
Networks Finance B.V. – 18 —
Other liabilities 2 Nokia Solutions and
Networks Finance B.V. and
various subsidiaries 151 181
Total NSN 1 091 1 143
Total Nokia Group 6662 5549
This line includes mainly fair value adjustments for bonds that are
designated under fair value hedge accounting and difference between
convertible bond nominal value and carrying value of the financial liability
component.
This line includes also EUR  million (EUR million, in ) non-interest
bearing payables relating to cash held temporarily due to the divested
businesses where NSN continues to perform services within a contractu-
ally defined scope for a specified timeframe.
All Nokia borrowings specifi ed above are senior unsecured
and have no fi nancial covenants. All borrowings, apart from
the EIBR&D loan, are used for general corporate purposes.
All NSN borrowings specifi ed above are senior unsecured
and include fi nancial covenants relating to fi nancial leverage
and interest coverage of the NSN. As of December  all
fi nancial covenants were satisfi ed. All borrowings, apart from
the EIB and Nordic Investment bank R&D loans, are used for
general corporate purposes.
Nokia has not guaranteed any of the NSN borrowings and
thus these are non-recourse to Nokia. All Nokia Solutions and
Networks Finance B.V. borrowings above are guaranteed by
Nokia Solutions and Networks Oy and/or Nokia Solutions and
Networks B.V.
In October , Nokia issued a EUR  million convertible
bond that matures in October . The bond includes a vol-
untary conversion option starting from December  until
maturity. Based on initial conversion price, voluntary conver-
sion of the entire bond would result in the issue of  million
shares. In July  Nokia obtained committed bank fi nancing
for the EUR . billion cash portion of the acquisition of NSN
that was completed in August . The balance of EUR .