ZHONGSHAN, China, Jan. 17, 2012 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited (" Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that one of its primary operating subsidiaries, Guangdong Mingyang Wind Power Industry Group Co., Ltd. ("GMWP"), has successfully registered its plans to issue RMB 1.0 billion RMB-denominated unsecured three-year medium-term notes (the "Registered Issue") with the PRC National Association of Financial Market Institutional Investors ("NAFMII"). 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."
Relevant legal documentation, including the offering circular and issuance announcement of the tranche are published on the websites of ChinaMoney ( http://www.chinamoney.com.cn) and ChinaBond ( http://www.chinabond.com.cn). The Registered Issue is conducted solely in the PRC, and the financial statements of GMWP prepared in accordance with China Accounting Standards for Business Enterprises ("PRC GAAP") is included in the medium-term notes offering prospectus. Investors in the ADSs of the Company should refer to the financial statements of the Company prepared in accordance with IFRSs before making any investment decisions.Safe Harbor Statement