Davis Polk advised the joint book-running managers and representatives of the underwriters in an SEC-registered secondary offering of 18,000,000 shares of common stock of First BanCorp., sold by funds managed by Oaktree Capital Management, L.P. and funds affiliated with Thomas H. Lee Partners, L.P. at a price to the public of $5.60 per share.

First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the United States and the British Virgin Islands, and of FirstBank Insurance Agency. Among the subsidiaries of FirstBank Puerto Rico are First Federal Finance Corp. and First Express, both small loan companies, and FirstBank Puerto Rico Securities, a broker-dealer subsidiary. First BanCorp.'s shares of common stock trade on the New York Stock Exchange under the symbol "FBP."

The Davis Polk corporate team included partners Richard A. Drucker and Shane Tintle and associates Cameron C. Lewis and Win Rutherfurd. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Counsel Daniel E. Newman and associates Hallie T. Damon and David Benjamin Angel provided regulatory advice. Members of the Davis Polk team are based in the New York and London offices.