New Issue: O'Reilly Automotive prices $500 million 4.35% 10-year notes at 140 bps over Treasuries

By Cristal Cody

Tupelo, Miss., May 10 – O'Reilly Automotive, Inc. sold $500 million of 4.35% 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 99.732 to yield 4.383%.

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

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:	$500 million
Description:	Senior notes
Maturity:	June 1, 2028
Bookrunners:	J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., BofA Merrill Lynch and Wells Fargo Securities LLC
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:	4.35%
Price:	99.732
Yield:	4.383%
Spread:	Treasuries plus 140 bps
Call features:	Make-whole call at greater of par or Treasuries plus 25 bps before March 1, 2028; thereafter at par
Trade date:	May 10
Settlement date:	May 17
Ratings:	Moody’s: Baa1
	S&P: BBB
Distribution:	SEC registered

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