Ming Yang’s Subsidiary Repays EUR 136 Mln Notes
China Ming Yang Wind Power’s subsidiary, Guangdong Mingyang Wind Power Industry Group Co., Ltd. (GMWP), has successfully repaid its EUR 136 million (RMB 1.0 billion) notes in full on time.
The total payments of the principal amount and interests with respect to the Notes were approximately EUR 171.4 million (RMB 1.26 billion).
The Notes were issued on January 13, 2012 under the agreement with the PRC National Association of Financial Market Institutional Investors at a fixed annual interest rate of 8.5%, which were primarily used to enhance GMWP’s working capital.
“Ming Yang maintains a positive net cash balance after repaying the Notes and may continue to seek additional financing alternatives at proper time and on reasonable terms, in order to support the growth of the Company,” said Mr. Zhang Chuanwei, chairman and chief executive officer of Ming Yang. “And, this would help satisfy the needs of our growing operation and development of our business expansion. Besides, it would also provide capital funds to further develop innovative onshore and offshore wind turbine models for our customers, and to gain and secure our market share.”