Yingli Green Energy (YGE) Prices 25M ADS Offering at $3.50 Apiece
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Yingli Green Energy Holding Co., Ltd. (NYSE: YGE) announced that its follow-on public offering of 25 million American Depositary Shares ("ADSs"), each representing one ordinary share of the Company, was priced at $3.50 per ADS. Yingli Green Energy has granted the underwriters a 30-day option to purchase up to 3.75 million additional ADSs to cover over-allotments.
Yingli Green Energy intends to use the net proceeds of US$83.0 million it receives from this offering for downstream expansion and other general corporate purposes. In particular, it intends to use approximately US$55 million to invest in the downstream solar projects together with Shanghai Sailing Capital Management Co., Ltd. The Company's management will have significant discretion in the allocation of the net proceeds that the Company may receive from the offering. Depending on future events and other changes in the business climate, the Company may determine at a later time to use the net proceeds for different purposes.
Deutsche Bank Securities Inc. and Goldman Sachs (Asia) L.L.C. are acting as the joint bookrunners for the offering. HSBC Securities (USA) Inc. is acting as a co-manager for the offering.
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Create E-mail Alert Related CategoriesCorporate News, Equity Offerings
Related EntitiesDeutsche Bank, HSBC
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