Certain First BanCorp. stockholders are offering to sell an aggregate 20 million of the company's common shares, 10 cents par value per share.

Funds affiliated with Thomas H. Lee Partners LP are offering to sell 10 million shares. Funds managed by Oaktree Capital Management LP are also offering to sell 10 million shares.

The underwriter has an option to purchase up to an additional 3 million shares.

The San Juan, Puerto Rico-based company will not receive any proceeds from the offering.

Goldman Sachs & Co. LLC is the sole book-running manager for the offering.