First BanCorp.’s private equity groups selling 20M shares
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. (“THL”) are offering to sell 10 million shares of common stock; and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) 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.
Upon completion of the offering, THL’s common stock ownership will decrease from 14.5 percent to 9.9 percent — 9.2 percent if the underwriters exercise their option to purchase additional shares of Common Stock in full.
Oaktree’s stake will decrease from 14.5 percent to 9.9 percent — 9.2 percent if the underwriters exercise their option to purchase additional shares of common stock in full.
First BanCorp. will not receive any of the proceeds from the offering, it said Wednesday.
Citigroup and UBS Investment Bank will act as joint book-running managers for the common stock offering and proposes to offer the shares of common stock from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at prevailing market prices, at prices related to prevailing market prices or at negotiated prices.
The offering will be made only by means of a prospectus, the financial institution said.