First BanCorp Secures $176M From Oaktree

First BanCorp,the holding company forFirstBank, has received a $175.5 million investment fromOaktree CapitalManagement,The Wall Street Journalreports. Oaktree will acquire shares of First BanCorp at $3.50 per share, addsReuters.

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.

Click here for the story fromThe Wall Street Journal.

Click here for the additional coverage fromReuters.