THL, Oaktree launch sale of 20M FirstBank shares

Written by  //  August 3, 2017  //  In-Brief  //  No comments

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FirstBank’s parent company First BanCorp. will not receive any of the proceeds from the offering, it confirmed in a statement.

First BanCorp., the bank holding company for FirstBank Puerto Rico, announced Wednesday that certain stockholders have commenced a public underwritten offering of an aggregate of 20 million shares of the corporation’s common stock, $0.10 par value per share that they currently own.

Funds affiliated with Thomas H. Lee Partners, L.P. are offering to sell 10 million shares of common stock; and funds managed by Oaktree Capital Management, L.P. are offering to sell 10 million shares of common stock.

In connection with the offering, THL and Oaktree have also granted the underwriter an option to purchase up to an additional 3 million shares of common stock. The bank will not receive any of the proceeds from the offering, it confirmed in a statement.

Goldman Sachs & Co. LLC will act as sole book-running manager for the common stock offering. The offering will be made only through a prospectus, which may be obtained from Goldman Sachs.

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