Polaris Repays $350 Mln In Senior Notes, Amends Credit Deal

(RTTNews) - Polaris Inc. (PII), a manufacturer of powersports vehicles and products, on Wednesday announced that the company fully repaid all $350 million of its outstanding Senior Notes due 2028. The debt prepayment was funded through revolving loans under the company's senior credit facilities.

On June 27, the company amended its existing credit facilities, originally dated July 2, 2018.

The amendment to the credit agreement includes key updates such as extending the maturity date of the incremental term loan to June 26, 2026, and modifying financial covenants for a covenant relief period from June 30, 2025, to June 30, 2026, or an earlier date set by the company.

During this period, the company may continue paying its regular quarterly dividend and repurchasing shares to offset equity plan dilution. However, it will be restricted from paying regular quarterly dividends or incurring certain subsidiary-level debt.

Polaris is currently trading, 0.84% higher at $45.25 on the New York Stock Exchange.