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:
Investor Relations Director
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
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SOURCE Yingli Green Energy Holding Company Limited