Polaris draws another $150 million under revolving facility

By Wendy Van Sickle

Columbus, Ohio, March 31 – Polaris Industries Inc. gave notice to its lenders on March 25 to borrow an additional $150 million under its $700 million revolving loan facility, according to an 8-K filing with the Securities and Exchange Commission.

The drawdown resulted in total borrowings under the facility of about $560 million.

The company said it borrowed under the facility to increase its cash position and preserve financial flexibility in light of current uncertainty resulting from the Covid-19 outbreak. The proceeds will be available to be used for working capital, general corporate or other purposes.

Polaris noted that in the first quarter of recent years its borrowings under the revolver have been considerably lower, at around $200 million to $400 million.

Polaris is a Medina, Minn.-based powersports company.

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