Oriental Financial Group (OFG) Raises $100 Million Through Public Offering
Oriental Financial Group Inc. (NYSE: OFG) has raised approximately $100 million through its previously announced underwritten public offering by issuing 8,740,000 shares of common stock, including 1,140,000 shares pursuant to the exercise of the underwriters' over-allotment option. The net proceeds of the offering, underwritten through Keefe, Bruyette & Woods, Inc. acting as sole book-running manager and Oriental Financial Services Corp. acting as co-manager, were approximately $94.2 million.
Oriental Financial Group intends to use the net proceeds of the offering for general corporate purposes, which may include funding organic and acquisition growth opportunities, including possible participation in government assisted transactions in Puerto Rico. It may also contribute a portion of the net proceeds in the form of capital to Oriental Bank and Trust, which will use such amount to bolster its regulatory capital needs and for general corporate purposes.
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