A pair of First BanCorp's biggest investors will partially liquidate holdings in the San Juan, Puerto Rico, company.

The $12.1 billion-asset First BanCorp disclosed in a regulatory filing that funds affiliated with Thomas H. Lee Partners and Oaktree Capital Management are planning to sell an aggregate of 18 million shares of common stock at $5.60 each. An overallotment option would allow the funds to sell a total of 20.7 million shares.

Each fund could receive nearly $58 million if all the shares are sold.

The funds in 2011 participated in a $525 million recapitalization that helped First BanCorp convert $422 million in preferred stock from the Troubled Asset Relief Program into common stock. The funds sold a portion of their holdings in 2013.

The Treasury Department still held about $125 million in First BanCorp common stock in early November, based on the latest Tarp report.


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