January 25, 2010 (FinancialWire) — Broadwind Energy, Inc. (NASDAQ: BWEN) said that it has completed a public offering of common stock, par value $0.001 per share, at an offering price of $5.75 per share.

In the offering, Broadwind sold ten million newly issued shares, Tontine Capital Partners, L.P., and certain of its affiliated funds, sold a combined total of 6.125 million shares and Broadwind’s CEO, J. Cameron Drecoll, sold 1.125 million shares. The sales included all shares subject to the underwriters’ over-allotment option.

Broadwind saw net proceeds of around $53.9 million. The company plans to use around $16.0 million of the net proceeds from the offering to repay its outstanding indebtedness under its credit facilities with Bank of America (NYSE: BAC) and plans to use the remaining proceeds for general corporate purposes.

Illinois-based Broadwind Energy provides products and services to the U.S. wind energy industry.

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