Two big shareholders in First Bancorp are selling more stock in the San Juan, Puerto Rico, company.
The $11.9 billion-asset company disclosed in a regulatory filing Thursday that affiliates of Thomas H. Lee Partners and funds managed by Oaktree Capital Management have each filed to sell 10 million shares of common stock.
The investors could sell a total of 3 million additional shares if there is enough demand. The offering, which would be the second by the investors in the last two months, could lower each of their stakes to 9.2%.
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.