Broadwind Energy Announces Pricing Of Offering Of Common Stock

Naperville, Ill.-based Broadwind Energy Inc. 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. Tontine Capital Partners LP and certain of its affiliated funds will sell a combined total of 5 million shares.

The underwriters have been granted a 30-day option to purchase from the selling stockholders, including Tontine Capital Partners, and certain of its affiliated funds and Broadwind's CEO, J. Cameron Drecoll, up to an additional 2.2 million shares of common stock, on the same terms and conditions, to cover over-allotments.

The net proceeds to Broadwind, after deducting underwriting discounts and estimated offering expenses, are expected to be approximately $53.9 million. Broadwind intends to use approximately $16 million of the net proceeds from the offering to repay its outstanding debt under its credit facilities with Bank of America.

The company plans to use the remaining proceeds for general corporate purposes, including capital expenditures to grow its services businesses or for the repayment of other outstanding debt.

Macquarie Capital Inc. and J.P. Morgan Securities Inc. are acting as joint book-running managers for the offering. Raymond James & Associates Inc. and Lazard Capital Markets LLC are acting as co-managers.

The offering is being made pursuant to an effective registration statement filed by Broadwind Energy with the Securities and Exchange Commission.

SOURCE: Broadwind Energy Inc.


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