Print    Email   

Otter Tail to sell $149M in stock to fund wind projects

2008-09-26 01:00:00
Author: BizWire

Fergus Falls, MN - Otter Tail Corp. has sold 4.5 million shares of its stock in order to fund wind power projects in North Dakota.

Fergus Falls-based conglomerate Otter Tail (Nasdaq: OTTR) sold the shares at $30 a piece, netting it approximately $150 million, according to forms filed with the SEC Wednesday. It will use the funds to finance construction of the Ashtabula Wind Center in Barnes County, North Dakota. It will also put the proceeds toward expanding wind tower manufacturing facilities in Tulsa, Oklahoma, and West Fargo, North Dakota.

The deal is expected to close Wednesday, and includes a 30-day option for the underwriters to purchase up to an additional 675,000 shares for the purpose of covering over-allotments.

The deal is being underwritten by Merrill Lynch, Pierce, Fenner & Smith Inc, Robert W. Baird & Co. Inc., J.P. Morgan Securities Inc., Banc of America Securities, Wells Fargo Securities and KeyBanc Capital Markets Inc.

Share on Facebook Post to Del.icio.ous

---