First BanCorp, the holding company for FirstBank, has received a $175.5 million investment from Oaktree Capital Management, The Wall Street Journal reports. Oaktree will acquire shares of First BanCorp at $3.50 per share, adds Reuters.
Oaktree will own a 24.9% stake in the bank after the transaction closes and the $425 million preferred shares held by the U.S. Treasury are converted into common stock. First BanCorp may also issue about $164 million of the company’s stock to institutional investors and other private equity firms.
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