Nokia signs revolving credit facility with its pricing mechanism linked to the company's sustainability targets
June 19 2019 - 2:30AM
June 19, 2019
Espoo, Finland - Nokia announced today the signing of a EUR
1,500 million five-year multicurrency revolving credit facility
("RCF") with two one-year extension options and introduced a
sustainability pricing mechanism linking the margin of the RCF to
two of Nokia's key sustainability targets:
1) Reduction of greenhouse gas emissions attributed to Nokia's
operations and;2) Reduction of greenhouse gas emissions attributed
to Nokia's customers' use of Nokia's products
Nokia's targets include a 41% greenhouse gas emission reduction
of its own operations and a 75% greenhouse gas emission reduction
arising from the use of sold products by 2030 compared to the 2014
baseline. The margin of the RCF will increase or decrease depending
on Nokia's progress towards reaching these targets.
Nokia's sustainability targets are accepted by Science Based
Targets, ensuring that Nokia's greenhouse gas emissions targets and
paths towards those targets are independently validated to be in
line with the Paris Agreement goal "to hold the increase in global
average temperature to well below 2°C above pre-industrial levels
and to pursue efforts to limit the increase to 1.5°C above
pre-industrial levels". Science Based Targets is a collaboration
between the international not-for-profit organization CDP, the
United Nations Global Compact (UNGC), World Resources Institute
(WRI), and the World Wide Fund for Nature (WWF).
Kristian Pullola, Chief Financial Officer (CFO) at Nokia,
said: "We're delighted with the strong support and commitment
from our key banking partners in this refinancing transaction that
connects our financing strategy with our sustainability
priorities."
Karoliina Loikkanen, Head of Corporate Responsibility at
Nokia, said: "Linking the pricing of the revolving credit
facility to our sustainability targets is an important step towards
demonstrating our broad-based commitment to our sustainability
priorities. Our sustainability vision is to create the technology
to connect the world, in a responsible way."
The RCF will replace the EUR 1,579 million revolving credit
facility agreement dated 26 June 2015.
Resources:
- Web page: Sustainability at Nokia
About
NokiaWe create the technology to connect the world. We develop
and deliver the industry's only end-to-end portfolio of network
equipment, software, services and licensing that is available
globally. Our customers include communications service providers
whose combined networks support 6.1 billion subscriptions, as well
as enterprises in the private and public sector that use our
network portfolio to increase productivity and enrich lives.
Through our research teams, including the world-renowned Nokia
Bell Labs, we are leading the world to adopt end-to-end 5G networks
that are faster, more secure and capable of revolutionizing lives,
economies and societies. Nokia adheres to the highest ethical
business standards as we create technology with social purpose,
quality and integrity. www.nokia.com
Media Inquiries:
Nokia CommunicationsPhone: +358 (0) 10 448
4900E-mail: press.services@nokia.com
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