Broadwind sets offering at $5.75 per share

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NAPERVILLE, Ill. (AP) — Broadwind Energy said Friday that it has set the price for a public offering of its shares at $5.75 each.

Broadwind, which provides products and services to the U.S. wind industry, said it will sell 10 million shares. Tontine Capital Partners L.P. and its affiliated funds will sell 5 million shares.

The underwriters have been given a 30-day option of buying an additional 2.25 million shares to cover any over-allotments.

Broadwind expects to receive $53.9 million from the sale. It will use $16 million to repay debt. The offering is expected to close Thursday.

Broadwind shares fell 31 cents, or nearly 5 percent, to $6.06 Friday. The shares have traded between $2.60 and $12.49 over the past year.