Davis Polk advised the joint book-running managers and underwriters in a $147.8 million SEC-registered secondary offering of 20,000,000 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.
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, Inc. Among the subsidiaries of FirstBank Puerto Rico are First Federal Finance Corp. and First Express, both small loan companies, and FirstBank Puerto Rico Securities Corp., 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 associate Roderick G. Miller. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Counsel Daniel E. Newman and associates Hallie T. Damon and Kirill Lebedev provided regulatory advice. Members of the Davis Polk team are based in the New York and London offices.