- Associated Press - Wednesday, November 5, 2014

HELENA, Mont. (AP) - NorthWestern Corp. announced Wednesday that it had set a $51.50-per-share price for nearly 6.77 million shares of stock being sold to help finance the purchase of 11 hydroelectric dams in Montana.

The value of NorthWestern stock, which had closed at $51.74 a share on Tuesday, increased 5 percent on Wednesday during heavy trading and closed at $54.35.

The underwriters - Credit Suisse, Bank of America Merrill Lynch and J.P. Morgan - will purchase the stock to sell to their customers. They also will have the option to purchase up to another one million shares depending on demand.

NorthWestern plans to use the proceeds of the stock sale, a planned bond sale and cash for its $900 million purchase of the hydroelectric dams from PPL Montana.

The stock offering is expected to close on Nov. 10 and the company hoped to complete the purchase of the dams within a month.

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