Current Report Filing (8-k)
June 30 2021 - 4:16PM
Edgar (US Regulatory)
0000931015
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0000931015
2021-06-30
2021-06-30
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 OR 15(d) of the Securities Exchange Act of 1934
June 30, 2021
Date of Report (Date of
earliest event reported)
POLARIS INC.
(Exact name of Registrant as specified
in its charter)
Minnesota
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1-11411
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41-1790959
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(State of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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2100 Highway 55
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Medina, Minnesota 55340
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(Address of principal executive offices)
(Zip Code)
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(Registrant’s telephone number, including
area code) (763) 542-0500
N/A
(Former name or
former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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¨
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Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section
12(b) of the Act:
Title
of each class
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Trading
Symbol
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Name
of each exchange on which registered
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Common
Stock, $.01 par value per share
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PII
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New York Stock Exchange
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Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ¨
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Item 1.01
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Entry into a Material Definitive Agreement.
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Amendment No. 3 to Fourth Amended and Restated Credit Agreement
On June 30, 2021, Polaris
Inc. (the “Company”) entered into an amendment (the “Third Amendment to Credit Agreement”) to its existing credit
facility with U.S. Bank National Association, as administrative agent (the “Administrative Agent”), and the several lenders
party thereto dated as of July 2, 2018 (as amended, the “Existing Credit Agreement;” the Existing Credit Agreement as amended
by the Third Amendment to Credit Agreement, the “Credit Agreement”). The Third Amendment to Credit Agreement amends
the Existing Credit Agreement to, among other things:
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(i)
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increase the size of the revolving credit facility under the Credit Agreement from $700 million to $1
billion;
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(ii)
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extend the maturity date of the facility to June 30, 2026;
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(iii)
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revise the leverage ratio covenant to permit the Company to net from consolidated funded indebtedness
certain unrestricted and unencumbered cash of the Company and its subsidiaries on the date of calculation in an amount not to exceed $300
million;
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(iv)
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increase the sublimit for the issuance of letters of credit under the revolving credit facility from $50
million to $100 million; and
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(v)
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permit the Company and the Administrative Agent to enter into a future pricing amendment to establish
specified Key Performance Indicators (“KPI’s”) with respect to certain Environmental, Social and Governance objectives
providing for certain adjustments (increase, decrease or no adjustment) to the applicable facility fee rate and applicable margin for
loans under the Credit Agreement based on the Company’s performance against the KPI’s, with any such adjustments not to exceed
a 3 basis point increase or decrease in the applicable margin and a 1 basis point increase or decrease in the applicable facility fee
rate.
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The applicable margins on
the loans and the facility fee rates were not modified from the Existing Credit Agreement, except that pricing will now be based on the
net leverage ratio as further described above. The Credit Agreement continues to be subject to various other covenants, including, among
other things, mergers and consolidations and asset sales and is subject to acceleration upon various events of default.
A copy of the Third Amendment
to Credit Agreement is filed as Exhibit 10.01 hereto, qualifies the above description and is incorporated by reference herein.
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Item 9.01
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Financial Statements and Exhibits.
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(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 duly authorized officer.
Date: June 30, 2021
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POLARIS INC.
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(Registrant)
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/s/ Robert P. Mack
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Robert P. Mack
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Chief Financial Officer, Executive Vice President – Finance and Corporate Development
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