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POLARIS BORROWS TO BOLSTER BUSINESS

US bike and off-road vehicle manufacturer Polaris Industries has racked up more debt to increase its available cash pile, by entering into an incremental one-year unsecured term-loan facility for £239m. Polaris has been forced to cease production of its Indian Motorcycle, Slingshot and Polaris brands by the Covid-19 crisis, and furlough most of its workforce, going forward into the second quarter of 2020. BDN financial editor Roger Willis reports.

Justifying this decision, Polaris chief financial officer Mike Speetzen said: “During this pandemic-related lockdown of the global economy, we remain committed to prudently managing the company’s financial resources. Execution of this new term loan with our long-standing banking partners provides us with an additional liquidity buffer to navigate these uncertain times.” 

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