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O'REILLY AUTOMOTIVE, INC

(ORLY)
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O REILLY AUTOMOTIVE INC : Entry into a Material Definitive Agreement, Termination of a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Other Events, Financial Statements and Exhibits (form 8-K)

06/16/2021 | 04:37pm EDT

Item 1.01 - Entry into a Material Definitive Agreement

On June 15, 2021, O'Reilly Automotive, Inc. (the "Company") entered into a Credit Agreement (the "Credit Agreement") among the Company, JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders party thereto. None of the Company's subsidiaries are guarantors or obligors under the Credit Agreement.

The Credit Agreement establishes a $1.8 billion senior unsecured revolving credit facility, with a $200 million sub-limit for the issuance of letters of credit and a $75 million sub-limit for swing line borrowings. The Credit Agreement matures in June 2026; however, the Company may, subject to customary notices and conditions, request up to two extensions of the maturity date, in each case for an additional period of one year. The Credit Agreement also provides for an uncommitted incremental facility that permits the Company, subject to certain conditions, to increase the commitments under the new senior unsecured revolving credit facility by up to $900 million; provided that the aggregate amount of the commitments does not exceed $2.7 billion at any time.

Loans made under the Credit Agreement (other than swing line loans) will bear interest, at the Company's option, at either an Alternate Base Rate (as set forth in the Credit Agreement) or an Adjusted LIBO Rate (as set forth in the Credit Agreement) plus a margin that will vary from 0.000% to 0.250% in the case of ABR Loans (as set forth in the Credit Agreement) and 0.680% to 1.250% in the case of Eurodollar Loans (as set forth in the Credit Agreement), in each case based upon the ratings assigned to the Company's debt by Moody's Investor Service, Inc. and Standard & Poor's Rating Services. The Credit Agreement includes customary provisions to provide for the eventual replacement of LIBOR as a benchmark interest rate. Borrowings of swing line loans under the Credit Agreement will bear interest at an Alternate Base Rate plus the margin described above for ABR Loans. In addition, the Company will pay a facility fee on the aggregate amount of the commitments under the Credit Agreement at a per annum rate that will vary from 0.070% to 0.250% based upon the ratings assigned to the Company's debt by Moody's Investor Service, Inc. and Standard & Poor's Rating Services.

The Credit Agreement contains negative and affirmative covenants applicable to the Company and its existing and future subsidiaries, including, without limitation, negative covenants that, subject to customary exceptions, restrict the Company's ability to create, incur or assume liens, incur or assume certain subsidiary debt, make certain fundamental changes and materially change the nature of the Company's business and the business conducted by its subsidiaries.

In addition, the Credit Agreement will require the Company to comply with certain financial covenants, including a minimum consolidated fixed charge coverage ratio and a maximum consolidated leverage ratio, in each case, as set forth in the Credit Agreement.

The Credit Agreement contains certain customary events of default (subject to customary grace periods, cure rights and materiality thresholds), including, among others, failure to pay principal, interest or fees, violation of covenants, material inaccuracy of representations and warranties, cross-defaults and cross-acceleration to material indebtedness, certain bankruptcy and insolvency events, certain material judgments, certain ERISA events, change of control and invalidity of loan documents.

The foregoing description of the terms of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the Credit Agreement, attached as Exhibit 10.1 hereto, and incorporated herein by reference.

In addition to the specific agreements and arrangements described above, parties to the Credit Agreement and their respective affiliates have provided and may in the future provide certain financial advisory, investment banking and commercial banking services in the ordinary course of business for the Company, its subsidiaries and certain of their respective affiliates, for which they have received or will receive customary fees and expenses in connection with the performance of such services.

Item 1.02 - Termination of a Material Definitive Agreement

On June 15, 2021, outstanding loans and commitments under the Credit Agreement (the "Prior Credit Agreement"), dated as of April 5, 2017, among the Company, JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders party thereto were terminated and replaced by the loans and commitments under the Credit Agreement as described in Item 1.01 above.

Item 2.03 - Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information set forth in Item 1.01 above is hereby incorporated by reference into this Item 2.03, insofar as it relates to the creation of a direct financial obligation.



Item 8.01 - Other Events



On June 15, 2021, the Company redeemed $300,000,000 aggregate principal amount of its 4.625% Senior Notes due 2021 (the "Notes"). The redemption price of the Notes is $300,000,000, plus accrued and unpaid interest to, but not including, the date of redemption.

Item 9.01 - Financial Statements and Exhibits



Exhibit Number    Description
10.1                Credit Agreement, dated as of June 15, 2021, among O'Reilly
                  Automotive, Inc., JPMorgan Chase Bank, N.A., as Administrative
                  Agent, and the lenders party thereto.
104               Cover Page Interactive Data File - the cover page XBRL tags are
                  embedded within the Inline XBRL document

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 12 595 M - -
Net income 2021 1 954 M - -
Net Debt 2021 4 038 M - -
P/E ratio 2021 21,5x
Yield 2021 -
Capitalization 41 558 M 41 558 M -
EV / Sales 2021 3,62x
EV / Sales 2022 3,53x
Nbr of Employees 79 170
Free-Float 99,6%
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Mean consensus OUTPERFORM
Number of Analysts 26
Last Close Price 601,13 $
Average target price 636,89 $
Spread / Average Target 5,95%
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Managers and Directors
Gregory D. Johnson Co-President & Chief Executive Officer
Jeff M. Shaw Co-President & Chief Operating Officer
Thomas G. McFall Executive VP, Chief Financial & Accounting Officer
David E. O'Reilly Executive Chairman
Jeffrey Alan Lauro Senior Vice President-Information Technology
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