BRP raises additional $39 million in overallotment sale

Publish Date: 
Jun 27, 2013

VALCOURT, Québec - BRP has raised about $39 million through an overallotment sale related to the company’s initial public offering that closed May 29.

The IPO underwriters purchased an additional 1.83 million subordinate voting shares from BRP at a price of $21.50 per share in full exercise of their overallotment option granted in connection with the IPO.

BRP said the net proceeds from the overallotment option will be used for working capital and general corporate purposes.

BRP’s initial offering of 12.2 million subordinate voting shares at a price of $21.50 per share resulted in gross proceeds of about $262 million. BRP said it is using those net proceeds to repay indebtedness under its term facility.

The subordinate voting shares are listed on the Toronto Stock Exchange under the symbol “DOO.”

The syndicate of underwriters is led by BMO Capital Markets, RBC Capital Markets, UBS Securities Canada Inc. and Citigroup Global Markets Canada Inc., acting as joint bookrunners, and including Wells Fargo Securities LLC, CIBC World Markets Inc., Desjardins Securities Inc., Scotia Capital Inc., National Bank Financial Inc. and Robert W. Baird & Co. Inc.

Posted by Arlo Redwine