Yingli Green Energy to repay notes due in October ‘within one year’

New York, Sept. 30 – Yingli Green Energy Holding Co. Ltd. said it will only repay part of the principal amount due Oct. 13, 2015 on its $157 million of medium-term notes by the end of this year.

It expects to pay the remaining amount “within one year,” according to a news release.

The notes were issued by Baoding Tianwei Yingli New Energy Co. Ltd. as five-year unsecured notes.

Yingli said it expects to receive $138 million from the liquidation of idle land and demolition of facilities held by Fine Silicon, one of its wholly owned subsidiaries.

It anticipates collecting a substantial amount of this sum so that it can partially repay the notes by the end of 2015.

Funds to repay the remaining sums due on the notes will come from “various financing sources,” including accounts receivable.

“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, and we are closely communicating with the noteholders again around this revised repayment plan,” said Yiyu Wang, the company’s chief financial officer, in a news release.

Yingli Green Energy is a Baoding, China, maker of solar panels.

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