Broadwind Energy Inc. (BWEN) announced that it has set the price for the proposed public offering of 15 million shares of its common stock, par value $0.001 per share, at a price of $5.75 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 net proceeds to Broadwind, after deducting underwriting discounts and estimated offering expenses, are expected to be about $53.9 million.
Broadwind 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. The offering is expected to close on January 21, 2010, subject to customary closing conditions.
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