First Bancorp. (FBP) Holders to Sell 18M Common Shares in Secondary Offering
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First BanCorp. (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, announced today that certain stockholders have commenced a proposed public underwritten offering, subject to market and other conditions, of an aggregate of 18 million shares of the Corporation’s common stock, $0.10 par value per share (the “Common Stock”), that they currently own. Funds affiliated with Thomas H. Lee Partners, L.P. (“THL”) are offering to sell 9 million shares of Common Stock; and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) are offering to sell 9 million shares of Common Stock. Upon completion of the proposed offering, THL’s beneficial ownership of Common Stock will decrease from 19.3% to 15.1% (14.5% if the underwriters exercise their option to purchase additional shares of Common Stock in full), and Oaktree’s beneficial ownership of Common Stock will decrease from 19.3% to 15.1% (14.5% if the underwriters exercise their option to purchase additional shares of Common Stock in full). The Corporation will not receive any of the proceeds from the proposed offering.
BofA Merrill Lynch, Goldman, Sachs & Co., Citigroup Global Markets Inc. and Sandler O’Neill + Partners, L.P. will act as joint book-running managers for the proposed Common Stock offering. Keefe, Bruyette & Woods and Piper Jaffray & Co. will act as co-managers.
The offering will be made only by means of a prospectus. A copy of the preliminary prospectus supplement together with the accompanying prospectus relating to the proposed offering may be obtained from:
BofA Merrill Lynch
|Goldman, Sachs & Co.||Citigroup Global Markets Inc.||Sandler O’Neill + Partners, L.P.|
200 North College Street, 3rd floor
Charlotte, NC 28255-0001
Attn: Prospectus Department firstname.lastname@example.org
Attn: Prospectus Department
200 West Street,New York, NY 10282
|c/o Broadridge Financial Solutions,|
1155 Long Island Avenue,Edgewood, NY 11717
Attn: Syndicate Department
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Create E-mail Alert Related CategoriesEquity Offerings
Related EntitiesPiper Jaffray, Keefe, Bruyette & Woods, Citi, Merrill Lynch, Bank of America, Thomas H. Lee Partners, Equity Offerings
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