China Ming Yang Wind Power: Medium-term Notes
ZHONGSHAN, China - China Ming Yang Wind Power (NYSE: MY), announced that one of its primary operating subsidiaries, Guangdong Mingyang Wind Power Industry Group Co., Ltd. ("GMWP"), has successfully repaid its RMB1.0 billion RMB-denominated unsecured three-year medium-term notes (the "Notes") in full on time. The total payments of the principal amount and interests with respect to the Notes were approximately RMB1.26 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."
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading wind turbine manufacturer in China, focusing on designing, manufacturing, selling and servicing megawatt-class wind turbines. Ming Yang produces advanced, highly adaptable wind turbines with high energy output and provides customers with comprehensive post-sales services. Ming Yang cooperates with aerodyne Energiesysteme, one of the world's leading wind turbine design firms based in Germany, to co-develop wind turbines. In terms of newly installed capacity, Ming Yang was a top 10 wind turbine manufacturer worldwide and the largest non-state owned wind turbine manufacturer in China in 2013.
For further information, please visit the Company's website: ir.mywind.com.cn
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China Ming Yang Wind Power Group Limited