BAODING, China, Dec. 27, 2010 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand "Yingli Solar," today announced that in December 2010, it re-purchased US$171.3 million aggregate principal amount of its zero coupon convertible senior notes due 2012 (the "Notes") for a total cash consideration of US$199.4 million based on a yield to maturity or yield to put of 5.125%. As of the date of this press release, the Company only had US$1.3 million Notes outstanding due December 2012.Yingli Green Energy may from time to time seek to make additional repurchases of the US$1.3 million outstanding Notes.
"We are pleased to announce the repurchase of these convertible notes, which is expected to reduce our interest expense and enhance our balance sheet," Mr. Zongwei Li, Director and Chief Financial Officer of Yingli Green Energy, commented. "We still maintain a cash balance of approximately US$700 million in bank accounts as of the date of this press release after making the US$199.4 million payment for this repurchase. As of the date of this press release, with approximately RMB 4.8 billion in unutilized short-term lines of credit and RMB 2.6 billion committed long-term credit facilities that can be drawn down in the near future, which includes the scheduled issuance of RMB 1.4 billion medium-term notes in the second quarter of 2011 by one of our operating subsidiaries in China, we are confident in maintaining our financial capability and flexibility in executing our strategic growth plan."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), which markets its products under the brand "Yingli Solar," is a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers. Yingli Green Energy's manufacturing covers the entire photovoltaic value chain, from the production of polysilicon through ingot casting and wafering, to solar cell production and module assembly. Currently, Yingli Green Energy maintains a balanced vertically integrated production capacity of over 1 GW per year. Two capacity expansion projects of 600 MW and 100 MW are under construction in Baoding and Hainan, respectively, which are expected to start initial production in the middle of 2011 and will increase the Company's total nameplate capacity to 1.7 GW in late 2011. In addition, Yingli Green Energy's in-house polysilicon plant, Fine Silicon, which has a designed annual production capacity of 3,000 metric tons, has successfully started commercial operation in early August 2010. Yingli Green Energy distributes its photovoltaic modules to a wide range of markets, including Germany, Spain, Italy, Greece, France, South Korea, China and the United States. Headquartered in Baoding, China, Yingli Green Energy has more than 7,000 employees and more than 10 subsidiaries and branch offices worldwide. Yingli Green Energy is publicly listed on the New York Stock Exchange (NYSE: YGE). For more information, please 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," "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 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:
Director, Investor Relations
Yingli Green Energy Holding Company Limited
Tel: +86 312 3100502
In the Americas:
Head of Marketing Communications
Yingli Green Energy Americas, Inc.
Phone: +1 603 591 5812
Yingli Green Energy Europe GmbH
Telephone: +49 89 540303412
SOURCE Yingli Green Energy Holding Company Limited