March 16, 2010 / 1:04 PM / in 8 years

UPDATE 1-Oriental Financial prices offering at $11.40/shr

* To offer 7.6 mln shrs

* Sees proceeds of $86.6 mln, up from prior $50 mln plans

* Shares rise 5 pct before the bell

March 16 (Reuters) - Oriental Financial Group Inc (OFG.N) said Tuesday it priced a 7.6 million share offering at $11.40 apiece.

The Puerto Rico-based company, which expects gross proceeds of about $87 million from the offering, earlier planned to raise $50 million from the offering.

Shares of the company rose 5 percent to $12.20 in pre-market trade.

The offer price represents a discount of about 2 percent to the stock’s close Monday on the New York Stock Exchange.

Oriental said it intends to use proceeds from the issue for general corporate purposes, including possible participation in government assisted transactions in Puerto Rico.

Underwriters will have an over-allotment option of about 1.1 million shares.

Keefe Bruyette & Woods is the sole book-running manager for the offering. (Reporting by Abhinav Sharma in Bangalore; Editing by Gopakumar Warrier)

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