OFG Bancorp forces conversion of 8.75% convertible preferreds

By Wendy Van Sickle

Columbus, Ohio, Aug. 14 – OFG Bancorp elected to effect the mandatory conversion of its 8.75% non-cumulative convertible perpetual preferred stock, series C, according to a press release.

The mandatory conversion right was triggered on Tuesday when the closing sale price of the company’s common stock was $17.50, marking the 20th trading day in the previous 30 consecutive trading days that the stock closed above $15.04, which is 130% of the applicable conversion price for convertible preferreds.

The conversion will be effective on Oct. 22, when each of the 84,000 shares of the convertible preferreds will be converted into 86.4225 shares of common stock. Cash will be paid in lieu of fractional shares.

No action is required by holders of the securities.

The San Juan, Puerto Rico-based diversified financial holding has three principal subsidiaries, Oriental Bank, Oriental Financial Services and Oriental Insurance, providing a range of retail and commercial banking, lending and wealth management products, services and technology, primarily in Puerto Rico.

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