First BanCorp. Secondary Offering

Davis Polk advised the sole book-running manager and underwriter on a $114 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 a diversified financial holding company headquartered in San Juan, Puerto Rico, offering a range of financial products to consumers and commercial customers through various subsidiaries. First BanCorp. is the holding company of FirstBank Puerto Rico and FirstBank Insurance Agency.

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 Christopher M. Paridon and associates Hallie T. Damon and Samir K. Patel provided regulatory advice. Members of the Davis Polk team are based in the New York, Washington DC and London offices.