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Yingli Green Energy Continues to Improve Its Capital Structure
BAODING, China, July 6, 2009 /PRNewswire-Asia-FirstCall via COMTEX/ --
Yingli Green Energy
Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or "the Company"),
one of the world's leading vertically integrated photovoltaic ("PV") product
manufacturers, today announced two credit facilities, with principal amounts
of US$100 million and RMB 300 million, respectively, granted by Bank of
Communications Co., Ltd. ("Bank of Communications"), the early repayment of
the full principal amount of US$50 million together with accrued interest and
fees thereon to a fund managed by Asia Debt Management Hong Kong Limited ("ADM
Capital"), and the issuance of the second tranche of senior secured
convertible notes in the amount of approximately US$29.4 million to
Trustbridge Partners II, L.P. ("Trustbridge").
US$100 Million Credit Facility Granted by the Offshore Center of Bank of
Communications
The Offshore Center of Bank of Communications has granted a two-year
credit facility of US$100 million to Yingli Green Energy International Trading
Limited, a wholly-owned subsidiary of the Company. Repayment obligations for
this credit facility will be guaranteed by the Company and Baoding Yingli
Group Company Limited ("Yingli Group"), an affiliate of the Company.
Furthermore, Baoding Tianwei Yingli New Energy Resources Co., Ltd. ("Tianwei
Yingli"), an operating subsidiary of the Company in China, will put forth a
cash collateral equal to 25% of US$100 million for this credit facility.
RMB 300 Million Credit Facility Granted by the Hebei Branch of Bank of
Communications
The Hebei Branch of Bank of Communications has granted a one-year
renewable credit facility of RMB 300 million to Tianwei Yingli. Repayment
obligations for this credit facility will be guaranteed by Yingli Group, an
affiliate of the Company.
US$50 Million Early Repayment to ADM Capital
Yingli Energy (China) Company Limited ("Yingli China"), a wholly-owned
subsidiary of the Company located in Baoding, China, made an early repayment
of the full principal amount of US$50 million together with accrued interest
and fees thereon, under the previously announced three-year loan facility with
ADM Capital. All relevant financial and business covenants, together with
collateral given in connection with the loan, were released immediately after
the early repayment.
US$29.4 Million Second Tranche of Senior Secured Convertible Notes Issued
to Trustbridge
Additionally, Yingli Green Energy issued the second tranche of senior
secured convertible notes due 2012 in the principal amount of approximately
US$29.4 million (the "Second Tranche Note") to Trustbridge under the terms of
the previously announced note purchase agreement entered into in January 2009.
In accordance with the terms of the note purchase agreement, Trustbridge
purchased the Second Tranche Note using the proceeds received by its affiliate,
Gold Sight International Limited, from the repayment of the promissory note
issued by Grand Avenue Group Limited, a company controlled by Mr. Liansheng
Miao, Chairman and Chief Executive Officer of the Company, in connection with
the Company's acquisition of Cyber Power Group Limited in January 2009. The
Company expects to use the proceeds from the issuance of the Second Tranche
Note for general corporate purposes.
Mr. Zongwei Li, Director and Chief Financial Officer of Yingli Green
Energy, commented, "Combined with continuing support from top-tier domestic
banks and our recent successful follow-on offering, we believe these latest
transactions will further optimize Yingli Green Energy's capital structure and
provide us with greater flexibility in dealing with the volatile macro
economic environment. We also expect that our increased cash level and
improved balance sheet will help us further raise the bankability of our
products and make us more competitive when bidding for large utility-scale
projects."
Mr. Li continued, "We believe the improved domestic credit situation
resulting from China's aggressive economic stimulus plan, as well as the
favorable and flexible lending structure provided by Bank of Communications,
will significantly enhance our ability to execute our long-term strategy. With
our solid financial base, significant non-silicon cost advantage and
vertically integrated business model, we are confident that Yingli Green
Energy is well positioned to be a long-term leader in the global PV industry."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE) is one of the
world's leading vertically integrated PV product manufacturers. Yingli Green
Energy designs, manufactures and sells PV modules and designs, assembles,
sells and installs PV systems that are connected to an electricity
transmission grid or operate on a stand-alone basis. Based in Baoding, China,
Yingli Green Energy sells its PV modules to system integrators and
distributors located in various markets around the world, including Germany,
Spain, Italy, South Korea, Belgium, France, China and the United States.
Safe Harbor Statement
This press release contains forward-looking statements. These statements
constitute "forward-looking" statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes," "estimates" and
similar statements. Such statements are based upon management's current
expectations and current market and operating conditions, and relate to events
that involve known or unknown risks, uncertainties and other factors, all of
which are difficult to predict and many of which are beyond Yingli Green
Energy's control, which may cause Yingli Green Energy's actual results,
performance or achievements to differ materially from those in the
forward- looking statements. Further information regarding these and other
risks, uncertainties or factors is included in Yingli Green Energy's filings
with the U.S. Securities and Exchange Commission. Yingli Green Energy does not
undertake any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required under
applicable law.
For further information, please contact:
In China:
Qing Miao
Director, Investor Relations
Yingli Green Energy Holding Company Limited
Tel: +86-312-3100-502
Email: ir@yinglisolar.com
Courtney Shike
Brunswick Group LLC
Tel: +86-10-6566-2256
Email: cshike@brunswickgroup.com
In the United States:
Katie Cralle
Brunswick Group LLC
Tel: +1-212-333-3810
Email: kcralle@brunswickgroup.com
SOURCE Yingli Green Energy Holding Company Limited
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