First Wind IPO likely this week
Massachusetts-based First Wind, the state's largest wind farm developer, is planning to go public by the end of the week.
First Wind Holdings LLC hopes to raise as much as $312 million by issuing 12 million shares of stock priced between $24 and $26 each, according to the Portland Press Herald. The company has proposed trading on the NASDAQ exchange under the symbol WIND. First Wind in March first filed a prospectus to list stock, but spokesman John Lamontagne told the paper the company has been waiting for a favorable market for a wind IPO. As of the last quarter, the company owes nearly $516 million for its wind projects, and reported substantial short-term debt and insufficient funds to repay its loans, according to the paper.
First Wind operates the Mars Hill Wind farm in northern Maine, the two-phase Stetson Wind project in Washington County, and is currently constructing a wind farm near Lincoln. The company has also proposed a wind farm in Kingsbury Plantation in Piscataquis County and another on Bowers Mountain on the Washington-Penobscot county line.
Go to the article from the Portland Press Herald >>
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