YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe
O’Reilly Automotive expects $494 million in net proceeds from the sale.
SBJ file photo
O’Reilly Automotive expects $494 million in net proceeds from the sale.

O'Reilly Auto conducts $500M debt round

Posted online

Springfield-based O’Reilly Automotive Inc. (Nasdaq: ORLY) this month is selling $500 million worth of debt.

Mark Merz, vice president of investor relations, reporting and planning for the auto parts retailer, said the offering and pricing of the senior notes was completed Sept. 9. The transaction is slated to close Sept. 23.

BofA Securities Inc. and Wells Fargo Securities LLC each agreed to purchase $90 million worth of debt, the most among 14 underwriters listed in a U.S. Securities and Exchange Commission filing. They were followed by J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc., which each signed on to buy $52.5 million in notes, according to the filing.

O’Reilly Automotive expects to net roughly $494 million after expenses. The proceeds would be used to redeem other senior notes, and if funds remain, for general corporate purchases such as working capital and stock repurchases, according to the SEC filing.

In the second quarter that ended June 30, O'Reilly Automotive reported a 50% jump in profits to $531.7 million.

ORLY shares were trading at $479.55 as of 9:42 a.m., compared with a 52-week range of $251.52-$487.95.

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick
Open for Business: Heart of Grace Boutique

A former employee in the food service industry transitioned into a first-time business owner; grocery chain Aldi made its Branson debut; and Ozark-based nonprofit Garde’n Gate Provisions opened a thrift store and donation center.

Most Read