<SEC-DOCUMENT>0001140361-23-052495.txt : 20231109
<SEC-HEADER>0001140361-23-052495.hdr.sgml : 20231109
<ACCEPTANCE-DATETIME>20231109165449
ACCESSION NUMBER:		0001140361-23-052495
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20231109
DATE AS OF CHANGE:		20231109

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Polaris Inc.
		CENTRAL INDEX KEY:			0000931015
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]
		IRS NUMBER:				411790959
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-275360
		FILM NUMBER:		231393463

	BUSINESS ADDRESS:	
		STREET 1:		2100 HIGHWAY 55
		CITY:			MEDINA
		STATE:			MN
		ZIP:			55340
		BUSINESS PHONE:		(763) 542-0500

	MAIL ADDRESS:	
		STREET 1:		2100 HIGHWAY 55
		STREET 2:		NONE
		CITY:			MEDINA
		STATE:			MN
		ZIP:			55340

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	POLARIS INDUSTRIES INC/MN
		DATE OF NAME CHANGE:	19941004

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Polaris Inc.
		CENTRAL INDEX KEY:			0000931015
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]
		IRS NUMBER:				411790959
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		2100 HIGHWAY 55
		CITY:			MEDINA
		STATE:			MN
		ZIP:			55340
		BUSINESS PHONE:		(763) 542-0500

	MAIL ADDRESS:	
		STREET 1:		2100 HIGHWAY 55
		STREET 2:		NONE
		CITY:			MEDINA
		STATE:			MN
		ZIP:			55340

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	POLARIS INDUSTRIES INC/MN
		DATE OF NAME CHANGE:	19941004
</SEC-HEADER>
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              <div>&#160;</div>
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              <div style="text-align: right;">Issuer Free Writing Prospectus
                <div>Filed under Rule 433</div>
                <div>Registration Statement No. 333-275360</div>
                <div>Supplementing the Preliminary Prospectus</div>
                <div>Supplement, dated November 9, 2023 and</div>
                <div>The Base Prospectus, dated November 7, 2023</div>
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        <div style="text-align: center; font-weight: bold;">POLARIS INC.</div>
        <div>&#160;</div>
        <div style="text-align: center; font-weight: bold;">PRICING TERM SHEET</div>
        <div>&#160;</div>
        <div style="text-align: center;">November 9, 2023</div>
        <div>&#160;</div>
        <div style="text-align: center;">$500,000,000 6.950% Senior Notes due 2029 (the &#8220;Notes&#8221;)</div>
        <div>&#160;</div>
        <div>This pricing term sheet (this &#8220;Pricing Term Sheet&#8221;) is qualified in its entirety by reference to the preliminary prospectus supplement dated November 9, 2023 (the &#8220;Preliminary Prospectus Supplement&#8221;) supplementing the base prospectus dated
          November 7, 2023 (the &#8220;Base Prospectus&#8221;) included in the registration statement (File No. 333-275360) filed with the Securities and Exchange Commission. The information in this Pricing Term Sheet supplements the Preliminary Prospectus Supplement
          and supersedes the information in the Preliminary Prospectus Supplement and Base Prospectus to the extent inconsistent with the information contained therein. Terms used but not defined in the Pricing Term Sheet will have the meanings assigned in
          the Preliminary Prospectus Supplement.</div>
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                  <div style="font-weight: bold;">Issuer:</div>
                </td>
                <td style="width: 54.26%; vertical-align: top;">
                  <div>Polaris Inc. (the &#8220;Company&#8221;)</div>
                </td>
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                <td rowspan="1" style="width: 54.26%; vertical-align: top;">&#160;</td>
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                  <div style="font-weight: bold;">Ratings:*</div>
                </td>
                <td style="width: 54.26%; vertical-align: top;">
                  <div>Baa3 / BBB / BBB</div>
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                <td rowspan="1" style="width: 45.74%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 54.26%; vertical-align: top;">&#160;</td>
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                  <div style="font-weight: bold;">Principal Amount:</div>
                </td>
                <td style="width: 54.26%; vertical-align: top;">
                  <div>$500,000,000</div>
                </td>
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                <td rowspan="1" style="width: 45.74%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 54.26%; vertical-align: top;">&#160;</td>
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                  <div style="font-weight: bold;">Maturity Date:</div>
                </td>
                <td style="width: 54.26%; vertical-align: top;">
                  <div>March 15, 2029</div>
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                <td rowspan="1" style="width: 45.74%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="width: 54.26%; vertical-align: top;">&#160;</td>
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                  <div style="font-weight: bold;">Coupon (Interest Rate):</div>
                </td>
                <td style="width: 54.26%; vertical-align: top;">
                  <div>6.950%</div>
                </td>
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                <td rowspan="1" style="width: 54.26%; vertical-align: top;">&#160;</td>
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                  <div style="font-weight: bold;">Yield to Maturity:</div>
                </td>
                <td style="width: 54.26%; vertical-align: top;">
                  <div>7.178%</div>
                </td>
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                <td rowspan="1" style="width: 54.26%; vertical-align: top;">&#160;</td>
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                  <div style="font-weight: bold;">Spread to Benchmark Treasury:</div>
                </td>
                <td style="width: 54.26%; vertical-align: top;">
                  <div>255 basis points</div>
                </td>
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                  <div style="font-weight: bold;">Benchmark Treasury:</div>
                </td>
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                  <div>4.875% due October 31, 2028</div>
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                <td rowspan="1" style="width: 54.26%; vertical-align: top;">&#160;</td>
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                  <div style="font-weight: bold;">Benchmark Treasury Price and Yield:</div>
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                <td style="width: 54.26%; vertical-align: top;">
                  <div>101&#8211;02 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3/4</sup>; 4.628%</div>
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                <td rowspan="1" style="width: 54.26%; vertical-align: top;">&#160;</td>
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                <td style="width: 45.74%; vertical-align: top;">
                  <div style="font-weight: bold;">Interest Payment Dates:</div>
                </td>
                <td style="width: 54.26%; vertical-align: top;">
                  <div>Semi-annually on March 15 and September 15 of each year, commencing on March 15, 2024</div>
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                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Optional Redemption:</div>
                </td>
                <td style="width: 54.26%; vertical-align: top; font-size: 10pt;">
                  <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">Prior to February 15, 2029, the Company may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption price
                    (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:</div>
                  <div style="text-align: left;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
                    </font></div>
                  <div style="text-align: left;"><font style="font-family: 'Times New Roman',Times,serif;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;">(a) the sum of the present values of the remaining scheduled payments
                      of principal and interest on the Notes to be redeemed discounted to the redemption date (assuming the Notes matured on February 15, 2029) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
                      Treasury Rate, plus 40 basis points less (b) interest accrued on those Notes to, but excluding, the date of redemption, and</font></div>
                  <div style="text-align: left;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
                    </font></div>
                  <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;100% of the principal amount of the Notes to be redeemed, plus, in each case, any accrued and unpaid interest on the Notes to be redeemed to, but
                    excluding, the date of redemption.</div>
                  <div style="text-align: left; font-family: 'Times New Roman',Times,serif;"> <br>
                  </div>
                  <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">
                    <div>On or after February 15, 2029, the Company may, at its option, redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus
                      accrued and unpaid interest on the Notes to be redeemed to, but excluding, the date of redemption.</div>
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                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Price to Public:</div>
                </td>
                <td style="width: 54.26%; vertical-align: top;">
                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">99.018%</div>
                </td>
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                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Trade Date:</div>
                </td>
                <td style="width: 54.26%; vertical-align: top;">
                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">November 9, 2023</div>
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                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Settlement Date:</div>
                </td>
                <td style="width: 54.26%; vertical-align: top;">
                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">November 16, 2023 (T+5)</div>
                </td>
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                <td rowspan="1" style="width: 54.26%; vertical-align: top; font-size: 10pt;">&#160;</td>
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                <td style="width: 45.74%; vertical-align: top;">
                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">CUSIP / ISIN:</div>
                </td>
                <td style="width: 54.26%; vertical-align: top;">
                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">731068AA0 / US731068AA07</div>
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                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Denominations:</div>
                </td>
                <td style="width: 54.26%; vertical-align: top;">
                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$2,000 and integral multiples of $1,000 in excess thereof</div>
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                <td rowspan="1" style="width: 54.26%; vertical-align: top; font-size: 10pt;">&#160;</td>
              </tr>
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                <td style="width: 45.74%; vertical-align: top;">
                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Day Count Convention:</div>
                </td>
                <td style="width: 54.26%; vertical-align: top;">
                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">30/360</div>
                </td>
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                <td rowspan="1" style="width: 45.74%; vertical-align: top; font-size: 10pt;">&#160;</td>
                <td rowspan="1" style="width: 54.26%; vertical-align: top; font-size: 10pt;">&#160;</td>
              </tr>
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                <td style="width: 45.74%; vertical-align: top;">
                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Joint Book-Running Managers:</div>
                </td>
                <td style="width: 54.26%; vertical-align: top; font-size: 10pt;">
                  <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">Citigroup Global Markets Inc.</div>
                  <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">BofA Securities, Inc.</div>
                  <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">J.P. Morgan Securities LLC</div>
                  <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">U.S. Bancorp Investments, Inc.</div>
                  <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">BMO Capital Markets Corp.</div>
                  <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">MUFG Securities Americas Inc.</div>
                  <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">Wells Fargo Securities, LLC</div>
                </td>
              </tr>
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                <td rowspan="1" style="width: 45.74%; vertical-align: top; font-size: 10pt;">&#160;</td>
                <td rowspan="1" style="width: 54.26%; vertical-align: top; font-size: 10pt;">&#160;</td>
              </tr>
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                <td style="width: 45.74%; vertical-align: top;">
                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Co-Managers:</div>
                </td>
                <td style="width: 54.26%; vertical-align: top; font-size: 10pt;">
                  <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">Fifth Third Securities, Inc.</div>
                  <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">PNC Capital Markets LLC</div>
                  <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">Truist Securities, Inc.</div>
                </td>
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          <div>
            <div style="color: #000000; font-weight: bold;">*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</div>
            <div style="color: #000000; font-weight: bold;"> <br>
            </div>
            <div style="color: #000000; font-weight: bold;">**It is expected that delivery of the Notes will be made against payment therefor on or about November 16, 2023, which is the fifth business day following the date hereof (such settlement cycle
              being referred to as &#8220;T+5&#8221;). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market are required to settle in two business days unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish
              to trade the Notes more than two business days prior to November 16, 2023, will be required, by virtue of the fact that the Notes will initially settle in T+5, to specify an alternate settlement arrangement at the time of any such trade to
              prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes during such period should consult their own advisors.</div>
            <div style="color: #000000; font-weight: bold;"> <br>
            </div>
            <div style="color: #000000; font-weight: bold;">The Company has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that
              registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov.
              Alternatively, any underwriter participating in the offering will arrange to send you the prospectus if you request it by calling or e-mailing: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
              Edgewood, NY 11717, or by telephone at +1-800-831-9146 or by email at prospectus@citi.com; BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC, 28255-0001, Attention: Prospectus Department, or by telephone at
              +1-800-294-1322 or by email at dg.prospectus_requests@bofa.com; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attn: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at
              +1-866-803-9204.</div>
            <div style="color: #000000; font-weight: bold;"> <br>
            </div>
            <div style="color: #000000; font-weight: bold;">Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this
              communication being sent by Bloomberg or another email system.</div>
            <div style="color: #000000; font-weight: bold;">
              <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"> </div>
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