By Angela McDaniels
Tacoma, Wash., Feb. 13 - First Bancorp registered $400 million of series F fixed-rate cumulative perpetual preferred stock it sold to the U.S. Treasury under the Troubled Asset Relief Program for public trading in an S-3 registration with the Securities and Exchange Commission.
The preferreds pay cumulative dividends at 5% per year for five years and then at 9%.
The preferreds are callable at par at any time from Jan. 16, 2012 onward. First Bancorp can call them earlier only if it raises at least $100 million of proceeds from one or more equity offerings.
Also covered under the registration is a warrant to purchase 5,842,259 shares of common stock for $10.27 each for a total of $60 million. The warrant expires on Jan. 16, 2019.
If First Bancorp raises at least $100 million through one or more equity offerings by Dec. 31, 2009, then the number of shares underlying the warrant will be reduced by half.
First Bancorp is the bank holding company for FirstBank Puerto Rico. It is based in Santurce, Puerto Rico.
| Issuer: | First Bancorp
|
| Issue: | Series F fixed-rate cumulative perpetual preferred stock
|
| Amount: | $400 million
|
| Maturity: | Perpetual
|
| Dividends: | 5% for five years, then 9%; payable quarterly
|
| Price: | $1,000
|
| Call option: | At par from Jan. 16, 2012 onward; callable earlier only if First Bancorp raises $100 million or more through equity offering(s)
|
| Warrant: | For 5,842,259 shares of common stock
|
| Warrant exercise price: | $10.27
|
| Warrant expiration: | Jan. 16, 2019
|
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