Simpson Thacher Represents Yingli Green Energy in Concurrent $173 Million Convertible Note Offering and $200 Million Secondary ADS Offering
02.22.08
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The Firm represented Yingli Green Energy Holding Company Limited, one of the world’s leading vertically integrated photovoltaic product manufacturers, in connection with the concurrent SEC-registered $173 million convertible note offering by the company and $200 million ADS offering by certain selling shareholders. Yingli Green Energy’s ADSs are listed on the New York Stock Exchange under the symbol “YGE”.
The transaction was especially noteworthy for being:
the first SEC-registered convertible note offering by a China-based issuer since 2000;
the first concurrent SEC-registered convertible note and equity offering by a China-based issuer since 2000; and
the first ever concurrent accelerated (overnight) bookbuild of a convertible note and equity offering by China-based issuer.
The Simpson Thacher team for the transaction included Leiming Chen, Blake Dunlap, Kevin Zhang, Jinghua Zou, Frank Chen (Corporate) and Marcy Geller, Wei Cui and Seojung Park (Tax). Paralegals Lydia Yang, Elayne Chen and Enke Xin provided valuable assistance.