First BanCorp completes $94.8 million private placement with Scotiabank
First BanCorp (NYSE:FBP) has announced the completion of its sale of 9.250 million shares of First BanCorp’s common stock to Scotiabank (TSX, NYSE: BNS) in a private placement. Scotiabank has funded the transaction paying $10.25 per First BanCorp common share, for a total purchase price of approximately $94.8 million.
Scotiabank owns 10% of First BanCorp’s outstanding common shares as of the close of the transaction.
“This offering further solidifies our strong capital position as we continue to execute our strategic business initiatives,” said Luis Beauchamp, President and Chief Executive Officer of First BanCorp. “We are pleased to have Scotiabank’s trust in the financial, operational and managerial strength of the FirstBank franchise.” — www.theasianbanker.com (August 28 2007)–