The Company further announced that under the Registered Issue, GMWP has successfully completed the issuance of up to RMB 1.0 billion unsecured medium-term notes (the "Tranche") on January 13, 2012 that will mature on January 12, 2015. The Tranche bears a fixed annual interest rate of 8.5%.
China Construction Bank Corp. acted as lead underwriter and bookrunner for the Registered Issue. The proceeds will primarily be used to enhance GMWP’s working capital.
"Under the current domestic and global macroeconomic environment, we are very pleased with the successful issuance of our medium-term notes," said Mr. Zhang Chuanwei, chairman and chief executive officer of Ming Yang. "This will facilitate further business expansion, and help Ming Yang to continue to deliver innovative business models for our customers, and to further help us gain market share."
China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading and fast-growing 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 low energy production costs and provides customers with comprehensive post-sales services. Ming Yang cooperates with aerodyn Energiesysteme, one of the world’s leading wind turbine design firms based in Germany, to develop wind turbines and share intellectual property rights. Ming Yang’s key customers include the five largest state-owned power producers in China, with an aggregate installed capacity accounting for more than 50% of China’s newly installed capacity in 2010.