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The prospect of better spreads at Oriental Financial Group trumps the hit to book value under its $500 million agreement to buy BBVA's unit in Puerto Rico.
June 28
Oriental Financial Group (OFG) has priced its public offering that will it raise capital to buy the Puerto Rican operations of Banco Bilbao Vizcaya Argentaria.
The $6.3 billion-asset company is selling roughly 4.4 million shares of common stock at $11.10 each, Oriental said Thursday. The San Juan, Puerto Rico, company also has granted its underwriters a 30-day option to buy up to an additional 439,000 shares of common stock.
Net proceeds will be roughly $50.5 million if the underwriters exercise their option to purchase all of added shares. Oriental had said in September that it would
BBVA agreed in June to