Yingli Green Energy Announces Pricing of Follow-on Public Offering of 18,600,000 ADSs
June 17 2009 - 6:42AM
PR Newswire (US)
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. For further information, please
contact: In China: Qing Miao Director, Investor Relations Yingli
Green Energy Holding Company Limited Tel: +86-312-3100-502 Email:
Courtney Shike Brunswick Group LLC Tel: +86-10-6566-2256 Email: In
the United States: Katie Cralle Brunswick Group LLC Tel:
+1-212-333-3810 Email: DATASOURCE: Yingli Green Energy Holding
Company Limited CONTACT: In China: Qing Miao, Director, Investor
Relations of Yingli Green Energy Holding Company Limited,
+86-312-3100-502, ; or Courtney Shike of Brunswick Group LLC,
+86-10-6566-2256, ; or In the United States: Katie Cralle of
Brunswick Group LLC, +1-212-333-3810,
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