First BanCorp FBP today announced that it has
entered into a definitive agreement with two funds managed by Oaktree Capital
Management, L.P. under which Oaktree would purchase an
aggregate of approximately $175.5 million of common stock of the Corporation
at a per share price of $3.50. The Oaktree investment will represent 24.9% of
the outstanding shares of the Corporation's common stock upon completion of
the capital raise and the conversion into common stock of the $424.2 million
of Series G Mandatorily Convertible Preferred Stock held by the United States Department of the Treasury.
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