Core Viewpoint - Harley-Davidson Financial Services, Inc. has announced the expiration and results of its tender offers for its outstanding Medium-Term Notes, indicating a significant engagement in managing its debt obligations and optimizing its capital structure [1][2]. Summary by Sections Tender Offer Results - The tender offers for the 6.500% Medium-Term Notes due 2028 and 5.950% Medium-Term Notes due 2029 expired on November 21, 2025, with a total of $792,209,000 in aggregate principal amount of Notes validly tendered [1][2]. - This amount excludes $8,090,000 in Notes submitted under the Guaranteed Delivery Procedures [2]. Breakdown of Tendered Notes - For the 2028 Notes, the aggregate principal amount outstanding is $700,000,000, with $437,112,000 tendered and $500,000 reflected in Notices of Guaranteed Delivery [4]. - For the 2029 Notes, the aggregate principal amount outstanding is $500,000,000, with $355,097,000 tendered and $7,590,000 reflected in Notices of Guaranteed Delivery [4]. Consideration and Settlement - The consideration for each $1,000 principal amount of Notes accepted for purchase is $1,055.12 for the 2028 Notes and $1,059.55 for the 2029 Notes, plus accrued interest from the last payment date to the Settlement Date [4][6]. - The Company expects to settle the purchase of all validly tendered Notes on November 24, 2025, and those under Guaranteed Delivery Procedures on November 26, 2025 [6]. Company Overview - Harley-Davidson Financial Services, Inc. is a subsidiary of Harley-Davidson, Inc., primarily engaged in financing and servicing wholesale inventory receivables and retail consumer loans for Harley-Davidson motorcycles [11].

Core Viewpoint - Harley-Davidson Financial Services, Inc. has announced the pricing of its tender offers to purchase any and all of its outstanding 6.500% Medium-Term Notes due 2028 and 5.950% Medium-Term Notes due 2029, indicating a strategic move to manage its debt obligations and optimize its capital structure [1][19]. Summary by Relevant Sections Tender Offers Details - The tender offers include the purchase of $700 million of 6.500% Medium-Term Notes due 2028 and $500 million of 5.950% Medium-Term Notes due 2029 [2]. - The applicable Reference Yield for the 2028 Notes is 3.523% with a consideration of $1,055.12 per $1,000 principal amount, while for the 2029 Notes, the Reference Yield is 3.639% with a consideration of $1,059.55 per $1,000 principal amount [2]. - The Offers will expire at 5:00 p.m. New York City time on November 21, 2025, unless extended or terminated by the Company [3]. Procedures for Participation - Holders of the Notes must validly tender their Notes or submit a Notice of Guaranteed Delivery before the Expiration Date to be eligible for the Consideration [4]. - The Settlement Date for the payment of Consideration and Accrued Interest is expected to be November 24, 2025, unless extended [4][5]. Management and Contact Information - J.P. Morgan Securities LLC, TD Securities (USA) LLC, and Wells Fargo Securities, LLC are the lead dealer managers for the tender offers, providing support for investors with inquiries [7][8].

Core Insights - Harley-Davidson, Inc. reported third-quarter 2025 adjusted earnings of $3.10 per share, significantly exceeding the Zacks Consensus Estimate of $1.38, and up from 91 cents per share in the same quarter last year [1][9] - The company generated consolidated revenues of $1.34 billion, reflecting a 17% increase year-over-year, driven by a 33% rise in motorcycle shipments [1][9] Segmental Highlights - Revenues from the Motorcycle and Related Products segment increased by 23% year-over-year to $1.07 billion, surpassing the forecast of $1.02 billion due to higher-than-expected motorcycle shipments [2] - Worldwide motorcycle shipments rose 33% to 36,500 units, exceeding the estimate of 34,541 units, with motorcycle sales revenues reaching $822 million, up 34% year-over-year [2] - Operating income for the Motorcycle segment was $54 million, a slight decline of 2% year-over-year [2] Retail Performance - Harley-Davidson retailed 34,000 motorcycle units globally, a 6% decline year-over-year but above expectations of 32,360 units [3] - Retail sales in North America decreased by 5% to 23,500 units, while EMEA sales fell 17% and Asia Pacific sales dropped 3%, contrasting with a 16% increase in Latin America [3] Parts, Accessories, and Financial Services - Revenues from parts and accessories decreased by 4% year-over-year to $167 million, but exceeded the estimate of $165.3 million [4] - Apparel revenues rose by 1% to $56 million, falling short of the forecast of $57.5 million [4] - Harley-Davidson Financial Services reported revenues of $261 million, down 3% year-over-year, while operating income surged 472% to $439 million [4] LiveWire Performance - LiveWire shipments totaled 184 units, an 86% increase from the previous year, with revenues rising 16% to $6 million, although this fell short of the $9.3 million estimate [5] - The operating loss for LiveWire narrowed from $26 million to $18 million, slightly better than the projected loss of $18.6 million [5] Financial Position - Selling, general, and administrative expenses increased to $229 million from $208.7 million year-over-year [6] - Harley-Davidson had cash and cash equivalents of $1.78 billion as of September 30, 2025, with long-term debt decreasing to $3.15 million from $4.47 million at the end of 2024 [6] Guidance Updates - The company has withheld its 2025 HDMC financial outlook due to tariff uncertainties but updated guidance for the LiveWire business, now expecting an operating loss of $72-$77 million, up from a previous estimate of $59-$69 million [7]