Garrett Motion (GTX) announced a proposed secondary public offering of 17 million shares and a repurchase of up to $25 million of its stock.

Entities managed by affiliates of Oaktree Capital Management, Centerbridge Partners, and Cyrus Capital Partners hold the shares for the secondary offering, Garrett said Tuesday in a statement.

The underwriters will have a 30-day option to purchase up to 2.55 million additional shares from the selling stockholders. Garrett Motion won't receive any of the proceeds from the proposed offering.

Garrett authorized a concurrent purchase from underwriters of 2 million shares of its common stock, subject to the maximum repurchase amount. The repurchase is part of a $250 million buyback program.

Garrett shares slumped 5.9% in after-hours trading.