Yingli Seeks Alternative Ways to Pay for the Mid-term Notes Due in October 2015

published: 2015-10-01 18:38 | editor: | category: News

Yingli Green Energy’s (Yingli Solar’s) subsidiary, Baoding Tianwei Yingli New Energy Company Limited (Tianwei Yingli), plans to restructure the repayment plan for $157 million USD (1.0 billion RMB) of mid-term notes (MTNs) due on October 13, 2015.

The MTNs were issued by Tianwei Yingli as five-year unsecured notes. The Company expects to receive approximately $138 million USD (875 million RMB) as the compensation ("the Compensation") from the liquidation of idle land and demolition of facilities held by Fine Silicon, one of the company's wholly-owned subsidiaries. Yingli Green Energy believes it will be able to collect a substantial amount of the Compensation to partially repay the MTNs before the end of 2015. The remaining amount of the MTNs is expected to be repaid within one year, and will be collected from various financing sources, including the Company's collection of accounts receivables.

"The Company has established good will with our major notes-holders through the successful repayment of our mid-term notes due this May, which amounted to $188 million USD, and we are closely communicating with the notes-holders again around this revised repayment plan," commented Mr. Yiyu Wang, Chief Financial Officer of Yingli Green Energy.

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