Nokia Siemens plans high-yield bond sale

Nokia Siemens plans high-yield bond sale

Summary: In order to see whether investors have any interest in the ailing telecoms equipment firm, Nokia Siemens plans to launch a bond sale this spring.

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TOPICS: Nokia
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nokia siemens bond sale spring
(Credit: Nokia Siemens Networks)

Nokia Siemens will be entering the public financial markets with the hope of raising millions of euros in the next few months, according to the Financial Times (paywall).

Citing people familiar with the matter, the publication reported that Nokia Siemens networks--owned jointly by Nokia and Siemens--hopes to raise as much as 700 million euros through the sale of high-yield bonds.

The bond sale is due to take place this spring.

The telecoms equipment maker hopes that by selling high-yield bonds, not only will this help indicate how much interest investors currently have within the firm, but the sale could also potentially help the ailing firm right its balance books.

In November, the telecoms equipment maker closed a factory in Germany, which led to 650 jobs being cut. Late last year, reports also suggested that the Nokia-Siemens joint venture was considering the closure of its German services unit, a move that could place 1,000 jobs at risk, but could help the company reach its cost-cutting goal of roughly 1 billion euros ($1.31 billion) by the end of 2013.

Topic: Nokia

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