By Sheri Kasprzak
New York, Aug. 9 - First BanCorp secured $94,812,500 from a private placement with Scotiabank.
The company sold 9.25 million shares at $10.25 each to Scotiabank.
Once the deal closes, Scotiabank will own 10% of First BanCorp's stock. The placement is set to close in the next 15 to 20 days.
UBS Investment Bank was the placement agent.
First BanCorp, based in San Juan, Puerto Rico, is a state-chartered commercial bank operating in Puerto Rico, the Virgin Islands and Florida.
| Issuer: | First BanCorp
|
| Issue: | Stock
|
| Amount: | $94,812,500
|
| Shares: | 9.25 million
|
| Price: | $10.25
|
| Warrants: | No
|
| Agent: | UBS Investment Bank
|
| Investor: | Scotiabank
|
| Announcement date: | Aug. 9
|
| Stock symbol: | NYSE: FBP
|
| Stock price: | $8.87 at close Aug. 9
|
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