Oriental Financial Will Offer 4.39M Shares of Common Stock for Acquisition of BBVA's Puerto Rico Operations
Oriental Financial Group Inc. (NYSE: OFG) today announced the commencement of an underwritten public offering of 4,390,243 shares of its common stock. In addition, Oriental expects to grant the underwriters a 30-day option to purchase up to 439,024 additional shares of its common stock. Jefferies & Company, Inc. will serve as the sole book-running manager for the offering. Keefe, Bruyette & Woods, Inc. will serve as lead manager and Oriental Financial Services Corp. will serve as co-manager.
Oriental intends to use the net proceeds from the common stock offering to fund a portion of the purchase price for its previously announced acquisition of the Puerto Rico based operations of Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA), announced on June 28, 2012. The closing of the common stock offering is not conditioned upon the closing of the acquisition.
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