Broadwind Energy Inc. (BWEN) announced that it has commenced an underwritten public offering of 15 million shares of its common stock, par value $0.001 per share. In this offering, Broadwind will sell 10 million newly issued shares and Tontine Capital Partners, L.P., and certain of its affiliated funds, will sell a combined total of 5 million shares.
The underwriters will be granted a 30-day option to purchase from the selling stockholders up to an additional 2.25 million shares of common stock, on the same terms and conditions, to cover over-allotments, if any.
Broadwind said that it intends to use about $16.0 million of the net proceeds from the offering to repay its outstanding indebtedness under its credit facilities with Bank of America and to use the remaining proceeds for general corporate purposes. Broadwind will not receive any of the proceeds from the offering of common stock by the selling stockholders.
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