Polaris today announced that it has entered into an incremental $500 million 364-day unsecured term-loan facility, further enhancing the company’s strong liquidity position.
“We remain committed to prudently managing the Company’s financial resources for the long-term by expanding our credit facility and taking advantage of the historically low interest rates and favorable margins for credit advances. The proceeds will be used for general corporate purposes, providing additional flexibility to execute our capital allocation priorities of organic growth investments in our businesses and the execution of our $1 billion share repurchase authorization. Our disciplined capital allocation strategy has driven significant value creation for our investors long-term, and we appreciate the support of our long-standing banking partners in this endeavor,” said Bob Mack, Polaris’ Executive Vice President and Chief Financial Officer.
U.S. Bank National Association served as administrative agent for the new term-loan agreement.