First BanCorp Announces Agreement for $339.5 Million in New Capital

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.