Polaris Inc. (PII): debt financing — Polaris issues $500M 6.950% Senior Notes due 2029; proceeds to repay credit facility

Polaris Inc.

Issued $500M aggregate principal of 6.950% Senior Notes maturing March 15, 2029.
Net proceeds approximately $492M after underwriting discount, before expenses.
Interest payable semi-annually on March 15 and September 15; first payment March 15, 2024.
Proceeds used to repay indebtedness under credit agreement and for general corporate purposes.
Notes subject to make-whole redemption prior to Feb 15, 2029, and 100% par redemption thereafter.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Polaris Inc. incurred senior notes of $500 million aggregate principal amount with U.S. Bank Trust Company, National Association, as trustee at 6.950% per year maturing March 15, 2029.

Instrument: senior notes
Principal: $500 million aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association, as trustee
Rate: 6.950% per year
Maturity: March 15, 2029
Event: incurrence

Exact text from the filing

On November 16, 2023, Polaris Inc. (the “Company”) and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), entered into a First Supplemental Indenture, dated as of November 16, 2023 (the “First Supplemental Indenture”) to the Indenture, dated as of November 16, 2023 (the “Base Indenture”), relating to the Company’s $500 million aggregate principal amount of its 6.950% Senior Notes due 2029 (the “Notes”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Polaris Inc. entered into First Supplemental Indenture with U.S. Bank Trust Company, National Association valued at $500 million aggregate principal amount (effective 2023-11-16).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $500 million aggregate principal amount
Effective: 2023-11-16

Exact text from the filing

On November 16, 2023, Polaris Inc. (the “Company”) and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), entered into a First Supplemental Indenture, dated as of November 16, 2023 (the “First Supplemental Indenture”) to the Indenture, dated as of November 16, 2023 (the “Base Indenture”), relating to the Company’s $500 million aggregate principal amount of its 6.950% Senior Notes due 2029 (the “Notes”).

View on SEC.gov

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Polaris Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-053649

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