Deal arranged with investors Oaktree Capital Management Thomas H. Lee
By Devika Patel
Knoxville, Tenn., July 19 - First BanCorp amended its investment agreements with Oaktree Capital Management, LP and Thomas H. Lee Partners, LP on July 14, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal priced for about $515 million on May 26 and will now raise $525 million.
The company will sell common shares to the investors at $3.50 per share; the per-share price represents a 3.32% discount to $3.62, the closing share price on June 27.
Proceeds will be used to strengthen the company's capital base in order to meet regulatory requirements, as well as for general corporate purposes.
The investors each may also designate a person to serve on the company's board of directors.
First BanCorp, based in San Juan, Puerto Rico, is the holding company for FirstBank Puerto Rico, a state-chartered commercial bank operating in Puerto Rico, the Virgin Islands and Florida.
| Issuer: | First BanCorp
|
| Issue: | Common stock
|
| Amount: | $525 million
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| Price: | $3.50
|
| Warrants: | No
|
| Investor: | Oaktree Capital Management, LP, Thomas H. Lee Partners, LP
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| Pricing date: | May 26
|
| Amended: | July 14
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| Stock symbol: | NYSE: FBP
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| Stock price: | $3.62 at close June 27
|
| Market capitalization: | $96.29 million
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