March 15, 2013
Nokia (NYSE: NOK ) has redeemed nearly 40,000 of its outstanding convertible bonds, converting them into shares of the company. Just under 38,000 shares were created from the bonds, the total issue of which is 750 million euros ($972 million), maturing in 2017.
The conversion price is slightly over 2.61 euros ($3.38) per share, for a total of 100,000 euros ($130,000). This is to be recorded in the company's fund for invested, non-restricted equity, and thus will not increase total share capital. Nokia added that the new stock carries all of the rights enjoyed by existing shareholders.
More Expert Advice from The Motley Fool
Nokia's been struggling in a world of Apple and Android smartphone dominance. However, the company has banked its future on its next generation of Windows smartphones. Motley Fool analyst Charly Travers has created a new premium report that digs into both the opportunities and risks facing Nokia
to help investors decide if the company is a buy or sell. To get started, simply click here now