05:19 PM EDT, 04/15/2024 (MT Newswires) -- BRP (DOO.TO, DOOO) shares were last seen down 3.7% in after-hours Nasdaq trading after the company on Monday said Bain Capital Integral Investors II, L.P., and the company have entered into an agreement with BMO Capital Markets to complete a secondary offering on a bought deal basis.

Under the agreement, BMO Capital Markets has agreed to purchase 1.5 million subordinate voting shares of the recreational-vehicle manufacturer at a price to the public of C$92.90 per subordinate voting share.

In connection with the offering, the company will file a preliminary prospectus supplement to its short form base shelf prospectus dated Feb. 23, 2023.

Bain and its affiliates currently hold 13.6-million multiple voting shares of the company representing approximately 18.2% of the issued and outstanding shares of the company and approximately 29.7% of the voting power attached to all of the shares.

Following the closing of the offering, Bain and its affiliates will hold 12.1-million multiple voting shares, representing approximately 16.2% of the issued and outstanding shares and approximately 27.1% of the voting power attached to all of the shares.

The net proceeds of the offering will be paid directly to the Selling Shareholder - the company will not receive any proceeds from the offering.

BRP shares were last seen down US$2.59 to US$68.00 after hours. They closed up C$1.07 to C$97.25 on the Toronto Stock Exchange.