at the Citizen Power Alliance 2010 Wind Conference
First Wind Holdings files for $450 mln IPO of Class A common stock
|Securities and Exchange Commission, First Wind Holdings Inc., an independent North American wind energy company, announced its plan to raise up to $450 million of proceeds through initial public offering of Class A common shares.|
The Newton, Massachusetts-based company said it plans to apply to list its Class A common stock on the Nasdaq Global Market under the symbol "WNDY". The company did not disclose any further details about how many shares it intends to offer or estimated price range.
First Wind Holdings revealed that New York-based D. E. Shaw group, Madison Dearborn, UPC Wind Partners II, LLC are its main stockholders, each owning more than 5% stake or more.
The company said it intends to use this offering net proceeds to repay outstanding indebtedness and also to fund a portion of expected capital expenditures in 2008 and 2009.
Credit Suisse, Goldman, Sachs & Co., JPMorgan are serving as the underwriters for this offering.
First Wind Holdings LLC posted net loss of $68.07 million in 2007, $26.01 million in 2006 and $18.62 million in 2005. For the quarter ended March 31, 2008, the company incurred a net loss of $18.52 million, versus a net loss of $13.91 million in the same period last year.
The company's portfolio of wind energy projects included approximately 5,564 megawatts of capacity as of June 30, 2008, of which 92 MW were operating and 182 MW were under construction. The company said it has been developing wind energy projects in North America in 2002.
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