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First Wind moves to withdraw IPO registration  

Credit:  Globe Staff, www.boston.com 24 November 2010 ~~

First Wind Holdings Inc., the Boston-based wind farm developer, has asked the US Securities and Exchange Commission to grant the company’s request to formally withdraw its registration for an initial public stock offering, according to a regulatory filing made by First Wind.

The move comes roughly a month after First Wind abruptly scrubbed plans to move forward with an IPO after investor demand cooled. When it first filed paperwork to go public in 2008, First Wind indicated that it wanted to raise more than $400 million. By last month, those expectations had been scaled back considerably, and the company later decided not to proceed with the IPO.

In announcing its decision to pull the plug on its planned IPO, First Wind chief executive Paul Gaynor said in a statement last month, “While we received significant interest from potential investors during the marketing of our IPO, the terms that the IPO market was seeking at this time were not attractive to the company.”

In a regulatory filing today, the company asked the SEC to grant its request to withdraw its IPO registration.

Source:  Globe Staff, www.boston.com 24 November 2010

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

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