First Wind Holdings Inc. has raised $200 million by issuing notes through its subsidiary First Wind Capital LLC, which the company said it will use to pay down debt and finance new wind projects.
The senior secured notes, due 2018, were issued at par with a coupon of 10.25 percent, officials said. Credit Suisse, Deutsche Bank Securities, Goldman Sachs & Co. and RBS acted as joint book-running managers.
According to Paul Gaynor, CEO of Boston-based First Wind, the planned projects will be in the Northeast, the West and Hawaii, and should be operational “by the end of 2012.”
First Wind hatched the plan to raise funds privately after shelving a proposed initial public offering, last fall. lan B. Gaynor said at the time the company expects to complete private financing in the range of $300 million in the first half of 2011.
Earlier this month, First Wind reached an agreement with Algonquin Power and Utilities Corp. and Emera Inc. to jointly develop and operate new wind projects in the Northeast, through the formation of a new operating company, called Northeast Wind.
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