May 6, 2020 / 12:19 PM / 22 days ago

UPDATE 1-Finland's Nokia set to raise one billion euros with new bond

(Adds details on the new bond)

HELSINKI, May 6 (Reuters) - Nokia plans to issue new euro-denominated fixed-rate notes, the Finnish telecom equipment maker said on Wednesday, and a lead manager told Reuters it was set to raise 1 billion euros from demand of 5.7 billion euros.

Nokia also issued an offer to buy back for cash its 1% notes due March 15, 2021 for up to 500 million euros.

The purpose of the tender offer is to manage Nokia’s overall indebtedness, it said a statement.

Last week, Nokia reported its first-quarter earnings and negative free cash flow of 6 million euros for the quarter. (Reporting by Anne Kauranen in Helsinki and Abhinav Ramnarayan and Yoruk Bahceli in London; Editing by Alex Richardson and Jason Neely)

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