Broadwind Energy (NASDAQ: BWEN) announced Friday that it has set the price for a public offering of its shares at $5.75 each, according to Associated Press.
The company, which provides products and services to the wind industry in the U.S., said it will sell 10 million shares. Tontine Capital Partners L.P. and its affiliated funds will sell 5 million shares.
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The underwriters have been given a 30-day option of buying an additional 2.25 million shares to cover any over-allotments.
Broadwind expects to receive $53.9 million from the sale and will use $16 million of the proceeds to repay debt. The offering is expected to close Thursday.
Macquarie Capital (USA) Inc. and J.P. Morgan Securities Inc. are acting as joint book-running managers of the offering. Raymond James & Associates, Inc. and Lazard Capital Markets LLC are acting as co-managers.
Broadwind shares fell 54 cents, or nearly 8.5 percent, to $5.83 Friday. The shares have traded between $2.60 and $12.49 over the past year.
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