Published on 11/9/2023 in the Prospect News Investment Grade Daily.
New Issue: Polaris prices $500 million 6.95% notes due 2029 at 255 bps spread
By Wendy Van Sickle
Columbus, Ohio, Nov. 9 – Polaris Inc. priced $500 million of 6.95% senior notes due March 15, 2029 (Baa3/BBB/BBB) at 99.018 to yield 7.178% on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at a spread over Treasuries of 255 basis points.
There will be a make-whole call option at 40 bps over Treasuries until Feb. 15, 2029, when the notes will become callable at par.
If there is a change of control, the notes will become putable at 101.
Citigroup Global Markets Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc., BMO Capital Markets Corp., MUFG Securities Americas Inc. and Wells Fargo Securities, LLC are the joint bookrunners.
Proceeds will be used to repay certain debt under the company’s credit agreement and for general corporate purposes.
Polaris is a Medina, Minn.-based powersports company.
| Issuer: | Polaris Inc.
|
| Amount: | $500 million
|
| Issue: | Senior notes
|
| Maturity: | March 15, 2029
|
| Bookrunners: | Citigroup Global Markets Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc., BMO Capital Markets Corp., MUFG Securities Americas Inc. and Wells Fargo Securities, LLC
|
| Co-managers: | Fifth Third Securities, Inc., PNC Capital Markets LLC and Truist Securities, Inc.
|
| Trustee: | U.S. Bank Trust Co., NA
|
| Counsel to issuer: | Davis Polk & Wardwell LLP
|
| Counsel to underwriters: | Cravath, Swaine & Moore LLP
|
| Coupon: | 6.95%
|
| Price: | 99.018
|
| Yield: | 7.178%
|
| Spread: | 255 bps over Treasuries
|
| Call: | Make-whole call at Treasuries plus 40 bps until Feb. 15, 2029, then a par call
|
| Put: | At 101 after a change of control
|
| Pricing date: | Nov. 9
|
| Settlement date: | Nov. 16
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB
|
| Cusip: | 731068AA0
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
