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Yingli Green Energy revamps bank loans, could refinance notes
By Devika Patel
Knoxville, Tenn., April 13 – Yingli Green Energy Holding Co. Ltd. is in negotiations with noteholders regarding a potential refinancing or revision of the payment schedule for its medium-term notes.
The company has also successfully renegotiated the terms of some banks loans.
“Currently, we have three tranches of medium-term notes,” executive director and chief financial officer Yiyu Wang said on the company’s fourth quarter earnings conference call on Thursday.
“Two of them have not been paid after the maturity and one of them will become due on May 3, 2017.
“We have been active in negotiating with the holders of those notes and the related banks about the revision of the payment schedule of those notes.
“So far we are still working on the potential solutions of a refinancing plan or extension plan,” he said.
Wang added that the company has been able to renew some of its bank loans, extending the maturity and reducing the interest rates.
“In addition, we have successfully renewed or extended the majority of our bank loans from the major lending banks and also reduced the interest rates of some of these bank loans,” Wang said.
As of Dec. 31, 2016, the Company had RMB 506.6 million, or $73 million, in cash and cash equivalents, compared to RMB 672.2 million as of Sept. 30, 2016.
Fourth quarter EBITDA was negative RMB 1,469,200,000, or negative $211.6 million, compared to RMB 42.8 million in the third quarter of 2016 and negative RMB 824.4 million in the fourth quarter of 2015.
Full year EBITDA was negative RMB 474.8 million, or $68.4 million, in 2016, compared to negative RMB 3,020,300,000,000 in 2015.
Yingli Green Energy is a Baoding, China, maker of solar panels.
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