Polaris issues $500 million in 5.6% senior notes due 2031

Polaris Inc. (NYSE:PII) announced Thursday it has issued $500 million in aggregate principal amount of 5.600% senior notes due 2031. The offering was conducted pursuant to an underwriting agreement dated November 5 with BofA Securities, Wells Fargo Securities, MUFG Securities Americas, and U.S. Bancorp Investments acting as representatives for the underwriters. This debt issuance adds to Polaris’s existing total debt of $1.86 billion, with the company currently maintaining a debt-to-equity ratio of 1.61 according to InvestingPro data.

The notes were sold in a public offering under Polaris’ existing shelf registration statement on Form S-3. A prospectus supplement related to the offering was filed with the Securities and Exchange Commission on November 7. The notes are governed by an indenture dated November 16, 2023, between Polaris and U.S. Bank Trust Company, National Association, as trustee, and further supplemented by a second supplemental indenture dated Thursday.

The company filed the underwriting agreement, supplemental indenture, and legal opinions as exhibits to its Form 8-K for incorporation by reference into the registration statement.

This information is based on a press release statement and documents filed with the SEC.

In other recent news, Polaris Industries Inc. has reported a strong performance for the third quarter of 2025, surpassing earnings expectations significantly. The company announced an earnings per share (EPS) of $0.41, which was well above the forecasted $0.23, marking a surprise of 78.26%. Revenue also exceeded projections, reaching $1.84 billion compared to the expected $1.79 billion. In addition to these results, Polaris declared a regular quarterly cash dividend of $0.67 per share, payable on December 15, 2025, to shareholders of record at the close of business on December 1, 2025. BMO Capital has responded to Polaris’s performance by raising its price target on the stock to $70 from $52, while maintaining a Market Perform rating. The firm noted continuing momentum in Polaris’s off-road vehicle retail sales and market share. These developments highlight the company’s ongoing growth and positive outlook from analysts.

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