JinkoSolar Announces Issuance of Second Tranche of One-Year Short-Term Financing Bonds of RMB300 Mil
SHANGHAI, March 24, 2011 /PRNewswire via COMTEX/ --
JinkoSolar Holding Co., Ltd. (NYSE: JKS) ("JinkoSolar" or the "Company"), a fast-growing vertically integrated solar product manufacturer with low-cost operations based in China, announced today that Jinko Solar Co., Ltd. ("Jiangxi Jinko"), one of the Company's wholly owned subsidiaries, successfully issued unsecured short-term bonds with a principal amount of RMB300 million (the "Second Tranche Issue") pursuant to its plan to issue unsecured one-year short-term bonds with an aggregate principal amount of RMB600 million (the "Registered Issue") with the PRC National Association of Financial Market Institutional Investors ("NAFMII"), which was previously announced on January 13, 2011.
The Second Tranche Issue was issued on March 22, 2011, and will mature on March 23, 2012. The Second Tranche Issue bears a fixed annual interest rate of 5.6%, lower than the current benchmark one-year lending rate of 6.1%. The First Tranche with a principal amount of RMB300 million was issued on January 13, 2011.
Industrial Bank acted as the lead underwriter and bookrunner for the Second Tranche Issue with standby commitment. Approximately 83% of the proceeds will be used as working capital, and the remaining 17% will be used to repay bank loans of higher interest rates.
Relevant legal documentation, including the offering circular and issuance announcement of the Second Tranche Issue, are published on the websites of ChinaMoney (http://www.chinamoney.com.cn) and ChinaBond (http://www.chinabond.com.cn).
Mr. Longgen Zhang, chief financial officer of JinkoSolar, commented, "We are pleased to issue the second tranche early in the year, locking down a promisingly favorable interest rate as we expect China's lending interest rate to continue to rise against inflation. The issuance of our short-term bonds further illustrates the market affirmation of our strong performance as well as investor's confidence in our ability to continue to deliver positive results in the year to come."
About JinkoSolar Holding Co., Ltd.
JinkoSolar Holding Co., Ltd. (NYSE: JKS) is a fast-growing vertically integrated solar power product manufacturer with low-cost operations based in Jiangxi Province and Zhejiang Province in China and sales and marketing offices in Shanghai, China, Munich, Germany and San Francisco, U.S. JinkoSolar has built a vertically integrated solar product value chain with integrated annual capacity of 600 MW each for silicon wafers, solar cells and solar modules as of December 31, 2010. JinkoSolar distributes its photovoltaic products to a diversified customer base in the global PV market, including Italy, Germany, Belgium, Spain, the United States, France and other countries and regions. For more information about JinkoSolar, please visit www.jinkosolar.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the JinkoSolar's public filings with the Securities and Exchange Commission. All information provided in this press release is as of March 24, 2011. Except as required by law, JinkoSolar undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
For JinkoSolar's investor and media inquiries please contact:
JinkoSolar Holding Co., Ltd.
Ogilvy Financial, Beijing
In the U.S.:
Jessica Barist Cohen
Ogilvy Financial, New York
SOURCE JinkoSolar Holding Co., Ltd.
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