First BanCorp Announces Definitive $180M Investment Agreement with Thomas H. Lee Partners at $3.50 per Share

First BanCorp FBP, the bank holding company for FirstBank Puerto Rico, today announced it has entered into a definitive investment agreement with private equity firm Thomas H. Lee Partners, L.P under which THL would purchase approximately $180 million of common stock of the Corporation at a purchase price of $3.50 per share, as part of a proposed aggregate $500 to $550 million capital raise. Upon completion of the capital raise and the conversion into common stock of approximately $425 million of Series G Mandatorily Convertible Preferred Stock, held by the United States Department of the Treasury, the THL investment would represent approximately 24.9% ownership of the Corporation. The THL transaction is conditioned upon the Corporation selling a minimum of $500 million, but no more than $550 million, of common stock, approval by the Corporation's stockholders of all of the sales of common stock and any required approvals by bank regulatory authorities or other governmental authorities.