Nokia is issuing bonds worth €750m (£610m) in a bid to shore up its cash position and deal with upcoming debt payments.
The Finnish manufacturer has been spending heavily in recent quarters in a bid to turn its business around and accelerate its switch to the Windows Phone ecosystem. In its most recent results last week, Nokia said it spent €633m (£515m), as it restructured the business and invested in capital. The business also reported its sixth consecutive quarterly loss, losing €969m (£789).
Trading in the bonds will begin aropund 26 October. Timo Ihamuotila, Nokia's executive VP and chief financial officer, said: 'This offering is designed to further strengthen our financial position and liquidity profile while allowing us to benefit from the current attractive long-term financing opportunities in the convertible bond market.'
Also this morning (23 October), Nokia launched the Lumia 510, an entry level Windows Phone device that runs the operating system's 7.5 OS. However, the device will not be launched in the UK, with it being targeted initially at India and China, and then other Asia-Pacific countries.
Editor: Graeme Neill