First Wind Holdings, a Boston-based developer and operator of wind farms, has reduced the target value of its initial public offering, now planning to raise as much as $276 million, according to an SEC filing. The company is offering 12 million shares, at a range of $18 to $20 per share, down from the $24 to $26 share price range it proposed last week. The underwriters for the deal—Credit Suisse, Morgan Stanley, Goldman Sachs, and Deutsche Bank Securities—will have the option to purchase another $1.8 million shares to cover over-allotments. First Wind, which plans to trade on the NASDAQ under the symbol “WIND,” first registered for a $450 million IPO in July 2008. The firm said it will put the proceeds toward paying loans, general corporate purposes, and project development and construction.
Author: Erin Kutz
Erin Kutz has a background in covering business, politics and general news. She holds a bachelor’s degree in journalism from Boston University. Erin previously worked in the Boston bureau of Reuters, where she wrote articles on the investment management and mutual fund industries. While in college, she researched for USA Today reporter Jayne O’Donnell’s book, Gen Buy: How Tweens, Teens and Twenty-Somethings Are Revolutionizing Retail. She also spent a semester in Washington, DC, reporting Capitol Hill stories as a correspondent for two Connecticut newspapers and interning in the Money section of USA Today, where she assisted with coverage on the retail and small business beats. Erin got her first taste of reporting at Boston University’s independent student newspaper, as a city section reporter and fact checker and editor of the paper’s weekly business section.
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