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BRP Announces Completion of Substantial Issuer Bid

/EINPresswire.com/ -- VALCOURT, QUEBEC--(Marketwired - Jul 21, 2017) - BRP (TSX:DOO) announced today that it has taken up and paid for 8,599,508 subordinate voting shares at a price of $40.70 per share under BRP's substantial issuer bid (SIB) to purchase for cancellation a number of its shares for an aggregate purchase price not to exceed $350 million.

The shares purchased represent an aggregate purchase price of approximately $350 million and represented 7.7% of the total number of BRP's issued and outstanding shares and multiple voting shares as of July 20, 2017. After giving effect to the SIB, BRP will have 30,386,111 shares and 72,952,472 multiple voting shares issued and outstanding.

A total of 2,397,864 shares were taken up and purchased pursuant to auction tenders at or below the purchase price and purchase price tenders. Since the SIB was oversubscribed, shareholders who made auction tenders at or below the purchase price and purchase price tenders had approximately 96.9 % of their tendered shares purchased by BRP. 6,201,644 shares were taken up and purchased pursuant to proportionate tenders.

Any shares or multiple voting shares not purchased, including such shares not purchased as a result of proration or shares tendered pursuant to auction tenders at prices higher than the purchase price or invalidly tendered will be returned to shareholders as soon as practicable by the depositary.

Payment and settlement of the purchased shares will be effected by Computershare Trust Company of Canada on or about July 25, 2017 in accordance with the settlement procedures described in the SIB.

The full details of the SIB are described in the offer to purchase and issuer bid circular dated June 12, 2017, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR at www.sedar.com.

This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell BRP's shares.

About BRP

BRP (TSX:DOO) is a global leader in the design, development, manufacturing, distribution and marketing of powersports vehicles and propulsion systems. Its portfolio includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft, Can-Am off-road and Spyder vehicles, Evinrude and Rotax marine propulsion systems as well as Rotax engines for karts, motorcycles and recreational aircraft. BRP supports its line of products with a dedicated parts, accessories and clothing business. With annual sales of CA$4.2 billion from over 100 countries, BRP employs approximately 8,700 people worldwide.

www.brp.com

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Ski-Doo, Lynx, Sea-Doo, Evinrude, Rotax, Can-Am, Spyder and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain information included in this release, including, but not limited to, statements relating to the SIB, the timing of payment and settlement for shares purchased under the SIB, the number of shares and multiple voting shares to be issued and outstanding after completion of the SIB, the timing of the resumption of BRP's normal course issuer bid, and other statements that are not historical facts, are "forward-looking statements" within the meaning of Canadian securities laws. Forward-looking statements are typically identified by the use of terminology such as "may", "will", "would", "should", "could", "expects", "forecasts", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "outlook", "predicts", "projects", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases. Forward-looking statements, by their very nature, involve inherent risks and uncertainties and are based on several assumptions, both general and specific. BRP cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance of BRP or the powersports industry to be materially different from the outlook or any future results or performance implied by such statements. Further details and descriptions of these and other factors are disclosed in the offer to purchase and in BRP's annual information form dated March 23, 2017.

For media enquiries:
Valerie Bridger
Senior Advisor, Corporate Communications
450.532.5107
valerie.bridger@brp.com
For investor relations:
Philippe Deschenes
Financial Analyst
450.532.6462
philippe.deschenes@brp.com