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First Wind Shelves Plans For IPO
|Wind farm developer First Wind Holdings has put its IPO on hold after cutting it’s price range by 24%, Reuters reported. Boston-based First Wind, which is funded by private equity firm Madison Dearborn and hedge fund operator D.E. Shaw, originally aimed to raise $300 million from the offering. The company faced skepticism from investors due to a heavy debt load, Reuters reported.|
(Reuters) - Wind farm owner and operator First Wind Holdings Inc canceled its IPO after cutting its expected price range by 24 percent and facing investor skepticism about its balance sheet and wind industry financing.
The company, which had planned to raise $300 million in its IPO but cut that figure back to $228 million on Wednesday, has been posting losses and had outstanding debt of more than half a billion dollars as of Sept 30. It had hoped to list on Nasdaq under the ticker symbol “WIND”.
Some U.S. government financing — of which First Wind has received hundreds of millions of dollars — could be suspended at the end of the year. Analysts have also warned that weak electricity prices could be too low to secure private financing.
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