Global law firm White & Case LLP is advising BofA Merrill Lynch, Barclays, Citi and Deutsche Bank as joint bookrunners as well as ten lead managers in connection with Nokia Corporation's ("Nokia") offering of EUR 750 million Senior Unsecured Convertible Bonds due 2017 convertible into ordinary shares of Nokia.
Under the terms of the offering, which was completed on October 26, 2012, the bonds will carry a coupon of 5.00% per annum. The initial conversion price has been set at EUR 2.6116, representing a 28% conversion premium to the volume weighted average price of Nokia shares on NASDAQ OMX Helsinki between launch and pricing of the offering. Nokia will make an application to include the bonds for trading on the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange after today's completion.
"White & Case is delighted to represent the managers in this significant convertible bond offering by Nokia, the flagship Finnish corporation. This offering again demonstrates our experience in convertible and exchangeable bond offerings and the depth of our capital markets practice. The transaction also represents a great example of combining our local law expertise in Finland with our London office's English law capability," said White & Case Helsinki office executive partner Petri Haussila.
White & Case Helsinki has advised on a number of Nordic convertible and exchangeable bond offerings in recent years, acting for both the issuer and the managers, including Talvivaara Mining Company's EUR 225 million convertible bonds; Nokian Tyres' EUR 150 million convertible notes; Talvivaara Mining Company's EUR 85 million convertible bonds; and Solidium's EUR 600 million senior unsecured bonds exchangeable into ordinary shares of TeliaSonera.
The White & Case team was led by Helsinki partner Petri Haussila and London partner Michael Doran, and assisted by Helsinki partners Petri Avikainen and Mikko Hulkko, Helsinki associate Heidi Hietanen and London associate Melanie Davies.
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