Mobile giant Nokia plans to raise 750 million euros, that's about 980 million US dollars, by issuing convertible bonds. The move aims at bolstering its cash position, as the Finnish firm is struggling to claw back market share lost to Apple and Samsung.
The bonds, due in 2017 and convertible into common shares, will carry a coupon rate between 4.25 percent to 5 percent.
NOKIA’s net cash position fell to 3.6 billion euros in the third quarter, a 14 percent drop compared with data in June. And its debt ratings have lowered to junk over the last year.
The once largest mobile phone maker is pinning its hopes for recovery on new models which will go on sale next month.
