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Yingli Green Energy Announces Pricing of Follow-on Public Offering of 18,600,000 ADSs

Posted on: Wednesday, 17 June 2009, 05:42 CDT

BAODING, China, June 17 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that its follow-on public offering of 18,600,000 American Depositary Shares ("ADSs"), each representing one ordinary share of Yingli Green Energy, was priced at $13.00 per ADS. Of the 18,600,000 ADSs sold in the offering, 15,600,000 ADSs were sold by Yingli Green Energy, and 3,000,000 ADSs were sold by a selling shareholder, Yingli Power Holding Company Ltd., a company beneficially owned by the family trust of Mr. Liansheng Miao, the chairman and chief executive officer of Yingli Green Energy. The offering was increased from its initial announced size of 15,500,000 ADSs. Yingli Green Energy has granted the underwriters an option to purchase up to 2,790,000 additional ADSs to cover over-allotments.

Yingli Green Energy intends to use the net proceeds from the offering, after deducting underwriting discounts and offering expenses, to repay certain existing indebtedness, including repayment of approximately US$50.0 million in a loan facility provided to its subsidiary, Yingli Energy (China) Co., Ltd., by Asia Debt Management Hong Kong Limited, and for general corporate purposes. The management of Yingli Green Energy will retain broad discretion over the use of proceeds, and Yingli Green Energy may ultimately use the proceeds for different purposes than what it currently intends depending on future events and other changes in the business climate. Pending any ultimate use of any portion of the proceeds from this offering, Yingli Green Energy intends to place the net proceeds in short-term bank deposits. Yingli Green Energy will not receive any of the proceeds from the sale of the ADSs by the selling shareholder. However, an amount equal to US$30.0 million of the proceeds from the sale of ADSs by the selling shareholder is expected to be used to repay a promissory note due to an affiliate of Trustbridge Partners II, L.P., and the proceeds of any such repayment will be used by Trustbridge Partners II, L.P. to purchase an additional US$30.0 million of the second tranche of Yingli Green Energy's senior secured convertible notes, the proceeds of which is expected to be used for general corporate purposes.

Deutsche Bank Securities Inc. (as Global Coordinator), Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are the joint bookrunners and underwriters for the offering. Piper Jaffray & Co. is the co-manager for the offering.

The offering is being made under Yingli Green Energy's automatic shelf registration statement filed with the U.S. Securities and Exchange Commission. The offering of these securities is being made only by means of a prospectus, filed with the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Yingli Green Energy's F-3 registration statement (including the post-effective amendment to the F-3 registration statement) and preliminary prospectus supplement are available from the SEC website at: http://www.sec.gov.

Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained from Deutsche Bank Securities Inc. by calling toll-free at 1-800-503-4611 or contacting 100 Plaza One, Jersey City, New Jersey 07311, Attention: Prospectus Department.

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, including statements regarding the use of proceeds by Yingli Green Energy from the offering. 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. Such statements are based upon management's current expectations and projections about future events and financial trends, as well as 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 the use of proceeds to differ materially from those set forth herein. 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.

SOURCE Yingli Green Energy Holding Company Limited

Source: PR Newswire

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