BAODING, China, April 6, 2016
/PRNewswire/ -- Yingli Green Energy Holding Company Limited
(NYSE:YGE) ("Yingli Solar" or
"Yingli"), one of the world's leading solar panel manufacturers,
today announced that its subsidiary, Baoding Tianwei Yingli New
Energy Company Limited ("Tianwei Yingli"), recently met with
holders of its RMB1.4 billion of
medium-term notes due on May 12, 2016
(the "2011 MTNs") and holders of the remaining portion of its
RMB1.0 billion of medium-term notes
due on October 13, 2015 (the "2010
MTNs").
On March 28, 2016, Bank of
Communications Co., Ltd., the lead underwriter of the 2011 MTNs,
convened a meeting among holders of the 2011 MTNs and Tianwei
Yingli. At the meeting, Tianwei Yingli's management informed the
holders that, based on current conditions, it will be very
difficult for Tianwei Yingli to repay the 2011 MTNs when they
become due on May 12, 2016, and
therefore, Tianwei Yingli proposed to extend the repayment date of
the 2011 MTNs by two to three years so that it has more time to
secure funding necessary for repayment of the 2011 MTNs through
cash flow from continuing operations and other financing options
such as liquidation of certain land use rights and introduction of
strategic investors. Holders of the 2011 MTNs proposed to add
Yingli China, another subsidiary of
Yingli, as a guarantor for the 2011 MTNs. However, no agreement was
reached at the meeting except that each of the holders and Tianwei
Yingli orally agreed to consider the other party's proposal.
Also on March 28, 2016, Bank of
Communications Co., Ltd., the lead underwriter of the 2010 MTNs,
convened a meeting among holders of the remaining 2010 MTNs and
Tianwei Yingli. Tianwei Yingli repaid approximately 70% of the 2010
MTNs when they became due on October 13,
2015. At the meeting, holders of the 2010 MTNs demanded
Tianwei Yingli to repay the remaining portion of the 2010 MTNs in
full together with accrued interests between April 30, 2016 and May 12,
2016. Tianwei Yingli informed the holders that it will make
its best efforts to repay the remaining portion of the 2010 MTN2
together with accrued interests before the 2011 MTNs become due on
May 12, 2016.
About Yingli Solar
Yingli Green Energy Holding Company Limited (NYSE: YGE),
known as "Yingli Solar" or "Yingli",
is one of the world's leading solar panel
manufacturers. Yingli's manufacturing covers the
photovoltaic value chain from ingot casting and wafering through
solar cell production and solar panel assembly. Headquartered in
Baoding, China, Yingli has more than 30 regional
subsidiaries and branch offices and has distributed more than 14 GW
solar panels to customers worldwide. For more information, please
visit www.yinglisolar.com and join the conversation
on Facebook, Twitter and Weibo.
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," "target" 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's control.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. Further information
regarding these and other risks, uncertainties or factors is
included in Yingli's filings with the U.S. Securities and Exchange
Commission. Yingli 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:
Jean Tian
Investor Relations Director
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
Email: ir@yingli.com
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SOURCE Yingli Green Energy Holding Company Limited