Yingli Green Energy Prices $241.8M Sh Offering

Yingli Green Energy Holding Company Limited (NYSE: YGE - News; "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.