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.
