Broadwind Energy To Proceed With Second Closing of Equity Financing
Houston
On April 25, 2008, Broadwind announced that it had entered into a definitive agreement to raise approximately $100 million through the direct sale of common stock to investment funds managed by Tontine Associates. The company completed the initial closing for the sale of shares to Tontine for a total purchase price of $40 million. The conditions to the second closing, which primarily included the expiration of the waiting period under the Hart Scott Rodino Act, now have been met. Broadwind anticipates it will close the second round of financing within 10 business days.
Thomas Weisel Partners issued a fairness opinion in connection with the Tontine Associates investment.
Source: IWR Online, 09 Jun 2008
