First BanCorp. stockholders comprised of funds affiliated with Thomas H. Lee Partners LP and funds managed by Oaktree Capital Management LP are selling a combined 20 million common shares of the company, par value 10 cents per share, in a public offering.

The funds are selling 10 million shares each. Underwriters also have an overallotment option allowing for the purchase of another 3 million shares.

Once the offering is complete, each of Thomas H. Lee Partners' and Oaktree Capital Management's stakes in the San Juan, Puerto Rico-based company will decrease to 9.9% (or 9.2% provided the overallotment option is exercised in full) from 14.5%. First BanCorp. will not receive any proceeds from the offering.

Citigroup and UBS Investment Bank will act as joint book-running managers for the offering and propose to offer the shares from time to time in one or more transactions on the New York Stock Exchange, in the over-the-counter market, or through negotiated transactions.