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October 28, 2010

First Wind lowers stock price

By The Mainebiz News Staff

First Wind has dropped its proposed stock price in its initial public offering of 12 million shares expected to happen today.

The Massachusetts-based wind developer initially said it would price the shares between $24 and $26 each, but in a filing with the U.S. Securities and Exchange Commission said it would drop the price to between $18 and $20, according to The Associated Press. The company could raise as much as $276 million through the IPO.

First Wind plans to use $15 million-$20 million for a loan payment and $78 million to retire its term loan in 2011, while the rest of the money raised will fund project development costs through 2013.

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