Broadwind Energy Commences Public Offering Of Common Stock

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Naperville, Ill.-based Broadwind Energy Inc. has commenced an underwritten public offering of 15 million shares of its common stock at a par value of $0.001 per share. In this offering, Broadwind will sell 10 million newly issued shares and Tontine Capital Partners LP, 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, 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, if any.

Broadwind intends to use approximately $16 million of the net proceeds from the offering to repay its outstanding indebtedness under its credit facilities with Bank of America. The company 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. Broadwind will not receive any of the proceeds from the offering of common stock by the selling stockholders.

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

SOURCE: Broadwind Energy Inc.

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