YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
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.
April 7 was the official opening day for Mexican-Italian fusion restaurant Show Me Chuy after a soft launch that started March 31; marketing agency AdZen debuted; and the Almighty Sando Shop opened a brick-and-mortar space.
