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Broadwind expects to use its anticipated net proceeds from its share of the offering to repay a portion of its outstanding debt and the remainder for general corporate purposes, including capital expenditures to grow the Company's services businesses.
Each of Broadwind's executive officers and directors is expected to agree not to transfer shares of Broadwind common stock until ninety days following the pricing of the offering, subject to certain exceptions and the extension of the restricted period under certain circumstances. Accordingly, Mr. Drecoll has terminated his previously filed Rule 10b5-1 sales trading plan for shares of the Company's common stock. Additionally, Tontine Capital Partners, L.P., and certain of its affiliated funds, is expected to agree not to transfer shares of Broadwind common stock until sixty days following the pricing of the offering, subject to certain exceptions and the extension of the restricted period under certain circumstances.
The book-running manager of the proposed offering is Macquarie Capital (USA) Inc.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Once available, a preliminary prospectus relating to these securities may be obtained from Macquarie Capital (USA) Inc., Attn: Prospectus Department, 125 West 55th St, 22nd Floor, New York, NY 10019, or by calling +1.866.965.7622, or by e-mailing kathleen.chung@macquarie.com.
About Broadwind Energy, Inc.
Naperville, Illinois-based Broadwind Energy, Inc. (NASDAQ: BWEN | Quote | Chart | News | PowerRating) is the leading independent, horizontally integrated supplier of specialized products and services focused on the North American wind industry. Broadwind's products and services include: precision gearing systems and structural towers for wind turbines; gears, fabrications and weldments for industrial customers; and technical services, precision repair and engineering, and logistics for wind energy customers. For more information on Broadwind Energy, please visit www.broadwindenergy.com.
SOURCE: Broadwind Energy, Inc.
MEDIA & INVESTOR CONTACT: Broadwind Energy, Inc. John Segvich, +1.630.637.0315. john.segvich@broadwindenergy.com
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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