Polaris Inc. Enters into an Amendment to Credit Facility with U.S. Bank National Association

Published: 2025-07-02 09:20:49 ET PII

Published on 07/02/2025 at 09:20

Polaris Inc. entered into an amendment to its existing credit facility with U.S. Bank National Association, as administrative agent, and the lenders party thereto, dated as of July 2, 2018 (as amended from time to time prior to the date hereof, the "Existing Credit Agreement" and as amended by the Amendment, the "Amended Credit Agreement"). The Amendment amends the Existing Credit Agreement to, among other things: (i) extend the maturity date of the incremental term loan to June 26, 2026; (ii) modify the financial covenants in the Existing Credit Agreement for each quarter ending June 30, 2025 through and including June 30, 2026 (or such earlier date as designated by Polaris) (the "Covenant Relief Period"); (iii) limit Polaris during the Covenant Relief Period from repurchasing shares, paying dividends other than regular quarterly dividends (subject to a cap) and certain other exceptions and the amount of debt certain subsidiaries of Polaris may incur; and (iv) impose a requirement during the Covenant Relief Period that if Polaris fails to maintain an investment grade rating with at least two rating agencies, Polaris and certain of its domestic subsidiaries shall grant liens on substantially all of their domestic personal property (subject to customary exceptions). The Amended Credit Agreement continues to be subject to various covenants and events of default generally consistent with the Existing Credit Agreement.