By Laura Lutz
Des Moines, Dec. 11 - Yingli Green Energy Holding Co. Ltd. priced $150 million of five-year zero-coupon convertible senior notes on Tuesday at par to yield 5.125% with an initial conversion premium of 29.17%, according to a news release.
Each $1,000 principal amount of notes will be convertible into 23.0415 American Depositary Shares, a conversion price of about $43.40 per ADS.
The notes will mature on Dec. 15, 2012.
Holders may put the notes for 116.43% of the principal amount on Dec. 15, 2010. Yingli may redeem the notes at any time after Dec. 15, 2008 if its ADSs exceed certain thresholds.
There is a $22.5 million greenshoe.
Yingli will use about $100 million of the proceeds to make an equity contribution to its newly formed subsidiary, Yingli Energy (China) Co. Ltd. The rest will be used to expand manufacturing capacity and for other general corporate purposes.
Credit Suisse Securities (USA) LLC; Goldman Sachs (Asia) LLC; and Merrill Lynch, Pierce, Fenner & Smith Inc. are the joint bookrunners, and Piper Jaffray & Co. is the co-manager.
Based in Baoding, China, Yingli is a manufacturer of photovoltaic products.
| Issuer: | Yingli Green Energy Holding Co. Ltd.
|
| Issue: | Convertible senior notes
|
| Amount: | $150 million
|
| Greenshoe: | $22.5 million
|
| Maturity: | Dec. 15, 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 5.125%
|
| Conversion ratio: | 23.0415
|
| Conversion price: | $43.40
|
| Initial conversion premium: | 29.17%
|
| Put: | On Dec. 15, 2010 at 116.43%
|
| Bookrunners: | Credit Suisse Securities (USA) LLC; Goldman Sachs (Asia) LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Co-manager: | Piper Jaffray & Co.
|
| Pricing date: | Dec. 11
|
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