Yingli Green Energy Draws Down on Three-Year Loan Facility With ADM Capital and Renews Credit Line With China Eximbank
BAODING,
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 the
previously announced three-year loan facility provided by a fund managed by
Asia Debt Management Hong Kong Limited (“ADM Capital”) and the renewal of
credit lines up to an aggregate amount of
Bank of
“We are very pleased to have made further progress in securing additional
financing for our operations, which both strengthens our capital position and
enhances our ability to expand our business in this challenging economic
environment,” commented Mr.
of Yingli Green Energy. “This initial cooperation with ADM Capital, in
conjunction with the extension of our long-term cooperation with China
Eximbank, is not only evidence of the market’s confidence in Yingli’s value
proposition and business development potential, but also a reflection of the
Company’s successful efforts to ensure our strong capital position.”
ADM Capital Loan Facility
Yingli Energy (
subsidiary of the Company located in Baoding,
down the principal amount of
year loan facility provided by ADM Capital. The loan will provide the Company
with additional financing for its production capacity expansion and general
corporate purposes.
In connection with the draw down of the loan, the Company granted ADM
Capital 4,125,000 warrants under a Warrant Agreement between the Company and
Deutsche Bank Luxembourg S.A., as warrant registrar, at an initial strike
price of
one-fifth of the warrants every six months starting from
draw down date of the loan, to
warrantholders’ rights to exercise the warrants will terminate and the Company
will be obligated to purchase all unexercised warrants at a price of
per warrant. The Company may at its discretion settle the warrants in cash,
shares or a combination of cash and shares.
China Eximbank
Yingli Green Energy also announced that one of its operating subsidiaries,
Baoding Tianwei Yingli New Energy Resources Co., Ltd. (“Tianwei Yingli”), has
entered into an export seller’s credit facility and an import credit facility
with China Eximbank. Under the credit facilities, China Eximbank has agreed
to provide Tianwei Yingli long-term credit lines of up to an aggregate amount
of
interest at a rate below the benchmark interest rate set by the People’s Bank
of
lines in an aggregate amount of
the Company announced in
About Yingli Green Energy
Yingli Green Energy Holding Company Limited is one of the world’s leading
vertically integrated PV product manufacturers. Through Baoding Tianwei Yingli
New Energy Resources Co., Ltd., an operating subsidiary of the Company, 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. With 400 MW of total
annual production capacity in each of polysilicon ingots and wafers, PV cells
and PV modules, Yingli Green Energy is currently one of the largest
manufacturers of PV products in the world as measured by annual production
capacity. Additionally, Yingli Green Energy is one of a limited number of
large-scale PV companies in the world to have adopted a vertically integrated
business model. Through its wholly owned subsidiary, Yingli Energy (
Ltd., Yingli Green Energy currently plans to expand annual production capacity
of polysilicon ingots and wafers, PV cells and PV modules to 600 MW in the
third quarter of 2009. The Company, through Fine Silicon Co., Ltd., its wholly
owned subsidiary, also plans to begin production of solar-grade polysilicon in
the second half of 2009. Yingli Green Energy sells PV modules under its own
brand name,
various markets around the world, including
visit http://www.yinglisolar.com .
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: yingli@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