Harley-Davidson sells ~1.75x book HDFS stake to KKR/PIMCO; $1.25B cash

HARLEY-DAVIDSON, INC.

HDFS sells 4.9% equity to KKR and 4.9% to PIMCO (9.8% total) at ~1.75x post-transaction book value.
HDFS sells over $5B of existing retail loan receivables and ~2/3 of future originations for 5 years at a premium.
Transaction unlocks ~$1.25B in discretionary cash; plans $500M buyback and $450M debt reduction.
HDFS retains full control; expects lower 2026 OI but higher ROE and double-digit OI growth from 2027.
Strategic partners to pay servicing fees (1% prime, 2.5% sub-prime) on purchased loans.

item 7.01item 9.01

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