First BanCorp Prices Secondary Offering Of 28 Mln Shares

(RTTNews) - First BanCorp (FBP), the bank holding company for FirstBank Puerto Rico, Tuesday said it priced its previously announced public underwritten offering of 28 million shares, at $6.75 per share.

The United States Department of the Treasury is selling 12 million common shares., funds affiliated with Thomas H. Lee Partners, L.P. are selling 8 million shares; and funds managed by Oaktree Capital Management, L.P. are selling 8 million common shares, the company said.

The offering is expected to close on August 16 and First BanCorp will not receive any proceeds from the offering.

Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, and Sandler O'Neill + Partners, L.P. are acting as joint book-running managers for the offering. Keefe, Bruyette & Woods, Sterne, Agee & Leach, Inc., Guzman & Company, and Ramirez & Co., Inc. are acting as co-managers.