First BanCorp. Announces Pricing of Secondary Offering of 28 Million Shares at $6.75 by Treasury, THL And Oaktree

First BanCorp. (the “Corporation”) 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.