Oaktree Puts $175.5M into First BanCorp

Private equity firm Oaktree Capital Management will invest about $175.5 million into First BanCorp, Reuters said. Oaktree is the second buyout shop to invest in First BanCorp in the past two months. Thomas H Lee Partners agreed to invest $180 million in the Puerto Rico-based bank in May. Oaktree will own a quarter of the bank, once the $425 million preferred shares held by the U.S. Treasury are converted into common stock, Reuters wrote.

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