O'Reilly Auto plans to issue senior notes

O'Reilly Automotive Inc. (Nasdaq: ORLY) announced today plans to issue $300 million in senior notes.

Proceeds of the notes, due 2023, would fund general corporate purposes, including capital increases, share repurchasing, debt repayment and business investments, according to a news release.

According to Investopedia.com, senior notes are debt securities, or bonds, that would take precedence in the event of a bankruptcy.

The Springfield-based auto parts retailer filed a registration form with the Securities and Exchange Commission, which became effective upon filing. Merrill Lynch, Pierce, Fenner & Smith Inc. and Wells Fargo Securities LLC are the joint book running managers for the notes, the company said.

ORLY shares were trading at $111.95 as of 9:04 a.m., near a 52-week high of $112.92. The company's 52-week low is $75.61.