Puerto Rico-based First BanCorp. shareholders priced its previously announced offering of an aggregate of 20 million shares of the company's common stock, 10 cents par value per share, that they currently own.

Funds affiliated with Thomas H. Lee Partners LP and funds managed by Oaktree Capital Management LP are each offering 10 million First BanCorp. common shares.

The shareholders have granted the underwriter an option to purchase up to an additional 3 million shares of the company's common stock.

First BanCorp. will not receive any proceeds from the offering.

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