(?i)^(.+?)FREE should find the first instance in a paragraph. The (?i) makes the search case insensitive in case it wasn't typed as all caps, the ? inside the second grouping makes the shortest match for cases when there is more than one instance in a paragraph, and I've not added any quotes since I presumed those aren't actually in the text.
I would deal with the formatting by typing FREE exactly as you want it someplace on the pastebord, then copy to the clipboard. Change to $1~c which replaces the found string with the text found in the first subexpression (.+?), which is the stuff before the first FREE, and the the formatted contents of the clipboard for the FREE.