#United States #Milwaukee #HDFS #Medium-Term Notes #Harley-Davidson Financial

Harley-Davidson Financial Services Concludes Tender Offers

On November 24, 2025, Harley-Davidson Financial Services, Inc. (commonly referred to as HDFS), a subsidiary of the iconic Harley-Davidson, Inc., announced crucial updates regarding its recent tender offers aimed at its 6.500% Medium-Term Notes allocated for 2028 and 5.950% Medium-Term Notes due in 2029. This announcement signifies a pivotal move for the company in managing its debt and improving its financial standing.

The tender offers were formally initiated on November 17, 2025, and were designed to purchase any and all of the outstanding medium-term notes for cash. The deadline for these offers expired on November 21, 2025, at 5:00 p.m., New York City time. HDFS confirmed that a substantial total of $792,209,000 in principal amount of the notes had been validly tendered, excluding a nominal amount of $8,090,000 which was covered under guaranteed delivery procedures.

Breakdown of Tendered Notes

According to the information gathered from D.F. King & Co., Inc., the designated Tender and Information Agent for this transaction, notable figures regarding the tendered amounts are as follows:

• - 6.500% Medium-Term Notes due 2028

- Outstanding Principal Amount: $700 million
- Tendered Amount: $437,112,000
- Amount in Guaranteed Delivery: $500,000

• - 5.950% Medium-Term Notes due 2029

- Outstanding Principal Amount: $500 million
- Tendered Amount: $355,097,000
- Amount in Guaranteed Delivery: $7,590,000

This significant participation in the tender offer demonstrates a robust engagement from noteholders, reflecting their trust in HDFS’s future strategy and commitment to enhancing shareholder value.

Settlements and Payments

HDFS intends to accept all tendered notes for purchase, with plans to disburse cash consideration and accrued interest to holders whose notes are accepted. Holders will receive $1,055.12 per $1,000 principal for the 2028 notes and $1,059.55 for the 2029 notes, in addition to any unpaid interest due up until the settlement date—expected to occur on the day of the announcement or the following day, pending any extensions.

For those tendered through guaranteed delivery procedures, payment is anticipated on November 26, 2025, also subject to extensions.

Competitive Landscape and Future Outlook

As one of the leading financing arms within the motorcycle industry, HDFS primarily focuses on providing financing solutions for Harley-Davidson and LiveWire motorcycles. The successful conclusion of these tender offers allows the company to optimally manage its debt profile while streamlining its operations to better cater to customer needs.

In addition to the specific financial maneuvers that HDFS continues to undertake, the company also collaborates with various third parties to offer insurance and protective products for motorcycle owners, showcasing a diversified revenue approach.

Investors and observers are reminded that while Harley-Davidson maintains a solid footing, various forward-looking statements in the industry's landscape should be monitored closely as the company navigates challenges like inflation, supply chain management, and competitive pressures.

The announcement concludes with important notes regarding the potential volatility in market conditions and the company’s ongoing dedication to maintaining brand integrity and customer satisfaction.

For further information or inquiries regarding the tender offers and financial matters, interested parties can reach out to HDFS's lead dealer managers, including J.P. Morgan, TD Securities, and Wells Fargo Securities, through their respective channels. The Tender and Information Agent, D.F. King & Co., Inc., is also available for additional assistance.

In essence, this tender offer exemplifies Harley-Davidson's strategic initiatives to ensure liquidity and foster long-term growth prospects amidst an ever-evolving financial landscape.