By Andrea Heisinger
New York, Sept. 14 - O'Reilly Automotive, Inc. sold $300 million of 4.63% 10-year senior notes on Wednesday to yield Treasuries plus 262.5 basis points, a market source said.
The notes were priced in line with guidance in the 262.5 bps area.
The notes (Baa3/BBB-/) were sold at 99.826 to yield 4.65%.
The securities have a make-whole call at 40 bps over Treasuries and feature a change-of-control put at 101%.
Bookrunners were Bank of America Merrill Lynch and J.P. Morgan Securities LLC.
Proceeds will be used for general corporate purposes, including the repurchase of common stock, to repay borrowings under a credit facility and to pay related fees and expenses.
The notes are guaranteed by the company's subsidiaries.
The specialty auto parts retailer is based in Springfield, Mo.
| Issuer: | O'Reilly Automotive, Inc.
|
| Guarantors: | Subsidiaries
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Sept. 15, 2021
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC
|
| Coupon: | 4.63%
|
| Price: | 99.826
|
| Yield: | 4.65%
|
| Spread: | Treasuries plus 262.5 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 19
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Price talk: | 262.5 bps area
|
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