UPDATE 2-First Wind cuts IPO by 24 pct ahead of pricing

* First Wind cuts IPO by 24 percent -filing

* IPO now seen pricing between $18 and $20/share

* IPO to price Wednesday, after mkt close -underwriter

* CS, MS, GS, DB lead underwriters

By Clare Baldwin

NEW YORK, Oct 27 (BestGrowthStock) – Wind-farm owner and operator
First Wind Holdings Inc (WIND.O: ) cut the value of its IPO by
24 percent on the morning of its expected pricing.

The company said in a regulatory filing on Wednesday
morning that it hopes to sell 12 million shares for $18 to $20
each. It had previously filed to sell shares for $24 to $26.

The IPO is still expected to price after the close of the
U.S. stock markets on Wednesday, an underwriter said.

Boston, Massachusetts-based First Wind finances, develops
and operates utility-scale wind energy projects in the
Northeastern and Western United States and Hawaii. As of Sept.
30 the company had the capacity to generate 504 megawatts of
electricity. It plans to add additional capacity by year-end.

First Wind had accumulated losses of $233 million and
outstanding debt of $582.2 million as of Sept. 30, and said in
regulatory filings that there is a chance it might default.

Analysts have also warned that some government financing
could end and that electricity prices may be too low to get
the contracts needed to secure private
financing.[ID:nN24242731]

First Wind, majority-owned by private equity firm Madison
Dearborn and hedge fund operator D.E. Shaw, has received
hundreds of millions of dollars in U.S. government support.

Credit Suisse, Morgan Stanley, Goldman Sachs and Deutsche
Bank are leading underwriters on the IPO. The shares are
expected to begin trading on the Nasdaq on Thursday under the
symbol “WIND.”
(Reporting by Sweta Singh in Bangalore and Clare Baldwin in
New York; Editing by Vyas Mohan, editing by Dave Zimmerman)

UPDATE 2-First Wind cuts IPO by 24 pct ahead of pricing