Published on 6/17/2013 in the Prospect News Investment Grade Daily.
New Issue: O'Reilly Automotive sells $300 million 3.85% 10-year notes at Treasuries plus 170 bps
By Andrea Heisinger
New York, June 17 - O'Reilly Automotive, Inc. was in the market Monday with a $300 million sale of 3.85% 10-year senior notes (Baa3/BBB/) priced at a spread of 170 basis points over Treasuries, a market source said.
Pricing was at 99.992 to yield 3.851%.
There is a make-whole call at Treasuries plus 25 bps until March 15, 2023, with a par call after that date.
BofA Merrill Lynch and Wells Fargo Securities LLC were the active bookrunners. Passive bookrunners were J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc.
Proceeds will be used for general corporate purposes.
The notes are guaranteed by O'Reilly Automotive Stores, Inc., Ozark Automotive Distributors, Inc., Greene County Realty Co., O'Reilly II Aviation Corp., Ozark Services, Inc., Ozark Purchasing, LLC, CSK Auto Corp., CSK Auto, Inc., CSKAUTO.COM, Inc. and OC Holding Co., LLC.
The Springfield, Mo.-based auto parts retailer was last in the U.S. bond market with a $300 million offering of 3.8% 10-year notes sold at 200 bps over Treasuries on Aug. 16, 2012.
| Issuer: | O'Reilly Automotive, Inc.
|
| Guarantors: | O'Reilly Automotive Stores, Inc., Ozark Automotive Distributors, Inc., Greene County Realty Co., O'Reilly II Aviation Corp., Ozark Services, Inc., Ozark Purchasing, LLC, CSK Auto Corp., CSK Auto, Inc., CSKAUTO.COM, Inc., OC Holding Co., LLC
|
| Issue: | Senior notes
|
| Amount: | $300 million
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| Maturity: | June 15, 2023
|
| Bookrunners: | BofA Merrill Lynch, Wells Fargo Securities LLC (active), J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc. (passive)
|
| Co-managers: | BB&T Capital Markets LLC, Capital One Southcoast Inc., UMB Financial Services Inc.
|
| Coupon: | 3.85%
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| Price: | 99.992
|
| Yield: | 3.851%
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| Spread: | Treasuries plus 170 bps
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| Call: | Make-whole at Treasuries plus 25 bps to March 15, 2023, par call after
|
| Trade date: | June 17
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| Settlement date: | June 20
|
| Ratings: | Moody's: Baa3
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| Standard & Poor's: BBB
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