First BanCorp. Announces THL’s and Oaktree’s Pricing of Secondary Offering of 18 Million Shares

First BanCorp. (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, announced today the pricing of the previously announced public underwritten offering by certain stockholders of an aggregate of 18 million shares of the Corporation’s common stock, $0.10 per value per share (the “Common Stock”), that they currently own, at a price to the public of $5.60 per share. Funds affiliated with Thomas H. Lee Partners, L.P. (“THL”) are selling 9 million shares of Common Stock; and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) are selling 9 million shares of Common Stock. Upon completion of the offering, THL’s beneficial ownership of Common Stock will decrease from 19.3% to 15.1% (14.5% if the underwriters exercise their option to purchase additional shares of Common Stock in full), and Oaktree’s beneficial ownership of Common Stock will decrease from 19.3% to 15.1% (14.5% if the underwriters exercise their option to purchase additional shares of Common Stock in full). The offering is expected to close on December 5, 2016, subject to customary closing conditions. The Corporation will not receive any proceeds from the offering.

BofA Merrill Lynch, Goldman, Sachs & Co., Citigroup Global Markets Inc. and Sandler O’Neill + Partners, L.P. are acting as joint book-running managers for the Common Stock offering. Keefe, Bruyette & Woods and Piper Jaffray & Co. are acting as co-managers.

A copy of the prospectus supplement together with the accompanying prospectus relating to the offering may be obtained from:

This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, shares of Common Stock in any jurisdiction in which such an offer or solicitation, or the sale of shares of Common Stock, would be unlawful without registration or qualification under the securities laws of such jurisdiction. A shelf registration statement related to the offering was filed with the U.S. Securities and Exchange Commission and became effective February 29, 2016.

About First BanCorp.

First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the U.S. and British Virgin Islands and Florida, and of FirstBank Insurance Agency. Among the subsidiaries of FirstBank Puerto Rico are First Federal Finance Corp. and First Express, both small loan companies, and FirstBank Puerto Rico Securities, a broker-dealer subsidiary. First BanCorp’s shares of common stock trade on the New York Stock Exchange under the symbol “FBP.”

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