First BanCorp. Announces Pricing of Secondary Offering of 28 Million Shares by Treasury, THL And Oak

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First BanCorp. Announces Pricing of Secondary Offering of 28 Million Shares by Treasury, THL And Oaktree

SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- First BanCorp. (the "Corporation") (NYS: FBP) , the bank holding company for FirstBank Puerto Rico, announced today the pricing of the previously announced public underwritten offering by various stockholders of an aggregate of 28 million shares of the Corporation's common stock, $0.10 par value per share (the "Common Stock"), that they currently own, at a price to the public of $6.75 per share. The United States Department of the Treasury ("Treasury") is selling 12 million shares of Common Stock; funds affiliated with Thomas H. Lee Partners, L.P. ("THL") are selling 8 million shares of Common Stock; and funds managed by Oaktree Capital Management, L.P. ("Oaktree") are selling 8 million shares of Common Stock. Completion of the offering will decrease Treasury's beneficial ownership of our Common Stock from 16.43% to 10.67% (9.81% if the underwriters exercise their option to purchase additional shares of Common Stock in full). Completion of the offering will decrease each of THL's and Oaktree's beneficial ownership of our Common Stock from 24.49% to 20.62% (20.04% if the underwriters exercise their option to purchase additional shares of Common Stock in full). The offering is expected to close on August 16, 2013, subject to customary closing conditions. The Corporation will not receive any proceeds from the offering.

Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, and Sandler O'Neill + Partners, L.P. are acting as joint book-running managers for the offering. Keefe, Bruyette & Woods, Sterne, Agee & Leach, Inc., Guzman & Company, and Ramirez & Co., Inc. are acting as co-managers.


A copy of the prospectus supplement together with the accompanying prospectus relating to the offering may be obtained from:

Credit Suisse Securities (USA) LLC BofA Merrill Lynch Sandler O'Neill + Partners, L.P.
Attn: Prospectus Department222 BroadwayAttn: Syndicate Department
One Madison Avenue, 1BNew York, NY 100381251 Avenue of the Americas,
New York, NY 10010Attn: Prospectus Department6th Floor

newyork.prospectus@credit-suisse.com

dg.prospectus_requests@baml.com

New York, NY 10020
(800) 221-1037

syndicate@sandleroneill.com

(866) 805-4128

This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, shares of Common Stock in any jurisdiction in which such an offer or solicitation, or the sale of shares of Common Stock, would be unlawful without registration or qualification under the securities laws of such jurisdiction. A shelf registration statement related to the offering was filed with the U.S. Securities and Exchange Commission and became effective November 8, 2012.

About First BanCorp.

First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the Virgin Islands and Florida, and of FirstBank Insurance Agency. First BanCorp. and FirstBank Puerto Rico operate within U.S. banking laws and regulations. The Corporation operates a total of 152 branches, stand-alone offices, and in-branch service centers throughout Puerto Rico, the U.S. and British Virgin Islands, and Florida. Among the subsidiaries of FirstBank Puerto Rico are First Federal Finance Corp., a small loan company; FirstBank Puerto Rico Securities, a broker-dealer subsidiary; First Management of Puerto Rico; and FirstMortgage, Inc., a mortgage origination company. In the U.S. Virgin Islands, FirstBank Puerto Rico operates First Express, a small loan company. First BanCorp's shares of Common Stock trade on the New York Stock Exchange under the symbol "FBP."

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First BanCorp.
John B. Pelling III, 305-577-6000 Ext. 162
Investor Relations Officer
john.pelling@firstbankpr.com

KEYWORDS:   United States  North America  Caribbean  Puerto Rico  New York

INDUSTRY KEYWORDS:

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