First BanCorp in Puerto Rico finally received the shareholder votes it needed to close in on a $525 million recapitalization.

At a special meeting Friday, 92% of voting shares voted backed a proposal to issue 150 million shares but only after the company initially failed to reach a quorum in its first special meeting last month.

The absent shareholders delayed a $525 million capital raise by two weeks. The recapitalization has been more than a year-long hurdle for the $14 billion-asset First BanCorp. In May, the company found its first commitment from Thomas H. Lee Partners LP of $180 million. A month later, Oaktree Capital Management LP joined in with a $175.5 million commitment. And First BanCorp raised its recapitalization from $515 million to $525 million shortly thereafter.

That capital will help First BanCorp convert its $422 million in preferred shares from the Troubled Asset Relief Program into common shares and raise it bank's capital ratios.

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