JP Morgan leads Nokia's 1.2 billion euro acquisition loan: sources

Tue Jul 2, 2013 11:42am EDT
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By Alasdair Reilly

LONDON (Reuters) - JP Morgan is leading the 1.2 billion euro ($1.56 billion) loan backing Finnish mobile handset maker Nokia's 1.7 billion euro acquisition of Siemens' 50 percent stake in joint-venture Nokia Siemens Networks (NSN), banking sources said.

The new financing will cover the 1.2 billion euro cash portion due at the closing of the acquisition, with the balance to be paid in the form of a 500 million euro, one-year secured loan from Siemens.

The acquisition is expected to close in the third quarter of 2013.

Nokia is rated BB- by Standard & Poor's and Ba3 by Moody's.

($1 = 0.7671 euros)

(Editing by Christopher Mangham)

A trader works at the JP Morgan trading post on the floor of the New York Stock Exchange in New York July 13, 2012. REUTERS/Shannon Stapleton