Thomas H. Lee Inks $180 Mln Investment in First BanCorp

Thomas H. Lee Partners has agreed to buy about $180 million of First BanCorp common stock at $3.50 a share. The deal is part of a $500 to $500 million capital raise by First BanCorp, according to a statement. Once the capital raise is completed, and the bank converts about $425 million of Series G preferred stock, held by the U.S. Department of Treasury, into common stock, THL would own about 24.9% of First BanCorp. San Juan-based First BanCorp is the bank holding company for FirstBank Puerto Rico.

DealsManagersNorth AmericaUSBriefs