Cleary Guides Oriental in $500M BBVA Puerto Rico Buy

Law360, New York (June 28, 2012, 9:49 PM EDT) -- Spanish banking giant Banco Bilbao Vizcaya Argentaria S.A. will sell its Puerto Rico operations to San Juan-based Oriental Financial group for $500 million, the firms said Thursday.

Oriental said it had enlisted the support of institutional investors to raise $84 million of certain preferred stock with a conversion price of $11.77, in an agreement expected to close in July, according to banks. The move will go toward raising $150 million in core capital and reserves, in Oriental's bid for the BBVA deal.

“We are very pleased...
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