PowerSecure eyes USD 44m from public share offering

Aug 16, 2013 - US utility and energy technologies provider PowerSecure International Inc (NASDAQ:POWR) said yesterday it planned to start an underwritten public sale of common shares, targeting USD 44 million (EUR 33m) in proceeds.

The public sale will include 200,000 shares held by the firm's president and CEO Sidney Hinton. Other terms and pricing are still not available, PowerSecure said, adding that the net proceeds will be allocated to replenish its working capital, finance acquisitions, repurchases of outstanding shares and other business initiatives. The group will not get any funds from the sale of Hinton shares, it noted.

Underwriters of the offering will be granted a 30-day period to buy additional common shares on the same conditions.

The transaction is subject to market and other conditions. It will be managed by Robert W Baird & Co Inc.

PowerSecure offers technical design and engineering services for transmission and distribution, lighting and renewable energy systems, including wind and solar facilities.

(USD 1.0 = EUR 0.749)

Choose your newsletter by Renewables Now. Join for free!