The Finnish manufacturer of the Galaxy Note 4, Nokia, will take on a Samsung-backed financing group for its debt financing, according to a report.
Nokia said in a statement that the financing group is based in London, where the two companies are also shareholders.
Samsung’s debt is $9.7 billion and Nokia’s is $7.4 billion, according the Financial Times.
The financing comes on the heels of Nokia’s announcement earlier this month that it had agreed to buy Samsung for $12.6 billion in cash and $2.4 trillion in stock.
While Nokia’s debt will be financed by Samsung, the financial relationship between the two entities remains opaque.
There is no indication of whether the deal will be finalized before or after Nokia’s earnings report on Wednesday, which will likely be announced during a presentation.
However, Nokia will likely take on some of Samsung’s existing debt in the first quarter of 2019, according a Reuters report.
Nokia’s debt has grown to more than $1.5 trillion, the highest level since 2010, and the debt service for Samsung’s current year fiscal year is nearly $8.2 billion.