Yingli Green Energy Holding Company Limited announced that it re-purchased US$171.3 million aggregate principal amount of its zero coupon convertible senior notes due 2012 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."
