O'Reilly Automotive Announces New Financing Plan

O'Reilly Automotive, Inc. ORLY today announced that its Board of Directors has approved a multifaceted financing plan aimed at enhancing flexibility, increasing liquidity, extending maturities and improving the Company's overall capital structure. The financing plan includes the following components: refinancing of the Company's outstanding borrowings under its existing asset-based revolving credit facility, which matures in July of 2013, with new unsecured senior debt financing; entering into a new $750 million senior unsecured revolving credit facility, maturing in January of 2016; authorizing a $500 million share repurchase program to be utilized within three years; and establishing a target rent-adjusted debt to EBITDAR leverage ratio of 2.0x to 2.25x, using six times capitalized rent.