UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
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| Item 1.01 | Entry into a Material Definitive Agreement |
On December 17, 2021, Polaris Inc. (“Polaris”) entered into an amendment to its existing credit facility with U.S. Bank National Association, as administrative agent, and the several lenders party thereto such (the “Amended Credit Facility”) to provide for a new incremental 364-day term loan in the amount of $500.0 million (the “Incremental Term Loan Facility”). The proceeds of the Incremental Term Loan Facility will be used to finance general corporate operations.
The new Incremental Term Loan Facility is unsecured and has a term of 364-days, ending on December 16, 2022.
The applicable margin for advances under the Incremental Term Loan Facility ranges from 0.50% to 0% for base rate advances and from 1.50% to 0.75% for eurocurrency advances, in each case depending upon Polaris’s leverage ratio. The Amended Credit Facility continues to be subject to various covenants consistent with the existing credit agreement. The Amended Credit Facility also continues to contain standard covenants with regards to mergers and consolidations, asset sales, and is subject to acceleration upon various events of default.
A copy of the Amended Credit Facility is filed as Exhibit 10.1 hereto qualifies the above description and is incorporated by reference herein.
A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth under Item 1.01 is incorporated by reference into this Item 2.03.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: December 21, 2021
| POLARIS INC. | |
| /s/ Robert P. Mack | |
| Robert P. Mack | |
| Chief Financial Officer |