New Issue: O'Reilly Automotive sells $750 million 3.6% 10-year notes at 140 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Aug. 10 – O'Reilly Automotive, Inc. sold $750 of 3.6% 10-year senior notes (Baa1/BBB+) on Thursday at a spread of Treasuries plus 140 basis points, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.84 to yield 3.619%.

Bookrunners were BofA Merrill Lynch, Wells Fargo Securities LLC, J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc.

Proceeds will be used to repay borrowings under the company’s credit facility and for general corporate purposes.

O'Reilly Automotive is a Springfield, Mo.-based retailer of automotive aftermarket products.

Issuer:	O'Reilly Automotive, Inc.
Amount:	$750 million
Description:	Senior notes
Maturity:	Sept. 1, 2027
Bookrunners:	BofA Merrill Lynch, Wells Fargo Securities LLC, J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc.
Senior co-manager:	BB&T Capital Markets
Co-managers:	BNP Paribas Securities Corp., Capital One Securities, Inc., Citizens Capital Markets, Inc., Huntington Investment Co., Mizuho Securities USA LLC, MUFG, PNC Capital Markets LLC, Regions Securities LLC, SunTrust Robinson Humphrey, Inc. and TD Securities (USA) LLC
Coupon:	3.6%
Price:	99.84
Yield:	3.619%
Spread:	Treasuries plus 140 bps
Call features:	Make-whole call at Treasuries plus 25 bps before June 1, 2027; thereafter at par
Change-of-control put:	101%
Trade date:	Aug. 10
Settlement date:	Aug. 17
Ratings:	Moody’s: Baa1
	S&P: BBB+
Distribution:	SEC registered

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