Broadwind Energy Inc. (BWEN) announced that it has completed its public offering of common stock, par value $0.001 per share, at an offering price of $5.75 per share. The net proceeds to Broadwind, after deducting underwriting discounts and estimated offering expenses, were approximately $53.9 million.
In the offering, the company sold 10 million newly issued shares, Tontine Capital Partners, L.P., and certain of its affiliated funds, sold a combined total of 6.125 million shares and Broadwind's CEO, Cameron Drecoll, sold 1.125 million shares.
Broadwind expects to use approximately $16.0 million of the net proceeds to repay its outstanding indebtedness under its credit facilities with Bank of America and expects to use the remaining proceeds for general corporate purposes, including capital expenditures to grow its services businesses or for the repayment of other outstanding indebtedness.
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