Polaris Announces an Incremental $300 Million Unsecured Term Loan Under Existing Credit Facility
April 09 2020 - 4:15PM
Business Wire
Polaris Inc. (NYSE: PII) today announced that it has entered
into an incremental $300 million 364-day unsecured term-loan
facility, further increasing the Company’s liquidity position.
“During this pandemic related lock down of the global economy,
we remain committed to prudently managing the Company’s financial
resources for the long-term. Execution of this new term loan with
our long-standing banking partners provides us with an additional
liquidity buffer to navigate these uncertain times,” said Mike
Speetzen, Polaris’ Executive Vice President and Chief Financial
Officer.
U.S. Bank National Association served as administrative agent,
lead left arranger and lead bookrunner for the new term-loan
agreement.
About Polaris As the global leader in Powersports,
Polaris Inc. (NYSE: PII) pioneers product breakthroughs and
enriching experiences and services that have invited people to
discover the joy of being outdoors since our founding in 1954. With
annual 2019 sales of $6.8 billion, Polaris’ high-quality product
line-up includes the Polaris RANGER®, RZR® and Polaris GENERAL™
side-by-side off-road vehicles; Sportsman® all-terrain off-road
vehicles; Indian Motorcycle® mid-size and heavyweight motorcycles;
Slingshot® moto-roadsters; snowmobiles; and deck, cruiser and
pontoon boats, including industry-leading Bennington pontoons.
Polaris enhances the riding experience with parts, garments, and
accessories, along with a growing aftermarket portfolio, including
Transamerican Auto Parts. Polaris’ presence in adjacent markets
includes military and commercial off-road vehicles, quadricycles,
and electric vehicles. Proudly headquartered in Minnesota, Polaris
serves more than 100 countries across the globe.
www.polaris.com
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version on businesswire.com: https://www.businesswire.com/news/home/20200409005770/en/
Investor Contact: Richard Edwards 763-513-3477
richard.edwards@polaris.com Media Contact: Jess Rogers 763-513-3445
jessica.rogers@polaris.com
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