Oct. 23 - Nokia says it will raise 750 million euros by issuing convertible bonds, as the once-dominant mobile phone giant tries to bolster its financial position. Hayley Platt reports.
750 million euros is today's Daily Digit in Europe. 750 million euros is the amount Nokia plans to raise from issuing convertible bonds. The Finnish phone maker wants to use the money to boost its cash position. Once the world's biggest mobile phone maker, Nokia has fallen far behind its rivals - Apple and Samsung - in the lucrative smartphone market. Now it's pinning it's hopes on two new smartphones which go on sale next month. Over the last year the firm's debt rating has been reduced to junk, third quarter sales were sluggish and its cash position wobbled. Analysts say the months ahead are crucial if the company is to survive. The bonds mature in 2017. They'll attract an interest payment of between 4.25 percent and 5.00 percent and can be converted into ordinary shares. Nokia shares fell more than 5 percent in early trade.