First Bancorp -4% as P-E sponsors sell

|By:, SA News Editor

First Bancorp (NYSE:FBP) last night launched a secondary offering of 20M shares sold by Thomas H. Lee Partners (10M) and Oaktree Capital (10M). The underwriter greenshoe is for another 3M shares.

FBP will receive no proceeds from the sale.

Shares down 4% premarket to $5.70.

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