O'Reilly Auto prices senior notes

After announcing plans yesterday morning to issue $300 million in senior notes, O'Reilly Automotive Inc. (Nasdaq: ORLY) has priced them.

The notes are available to the public at 99.992 percent of their face value. The company issued $300 million in notes with an aggregate principal of 3.85 percent, and expects the offering will close on or around June 20, according to a news release.

The proceeds of the senior notes due 2023 would be used for general corporate purposes including capital increases, repurchasing shares, repaying debt and investing in business opportunities such as acquisitions.

Merrill Lynch, Pierce, Fenner & Smith Inc. and Wells Fargo Securities LLC are the joint book running managers for the notes, the company said. Investopedia.com defines senior notes as debt securities, or bonds, that would take precedence in the event of a bankruptcy.

ORLY shares jumped this morning to $112.46, near the company's 52-week high of $112.92. The company's shares were trading at $111.92 as of 10:05 a.m.