This is interesting. Springfield based O'Reilly Automotive has restructured its debt. While that may not be unusual, what is unusual is they are restructuring with Euros. From Counterman:
SPRINGFIELD, Mo. — O’Reilly Automotive has successfully completed the debt refinancing transactions undertaken as part of the company’s financing plan first announced on Jan. 11.
O’Reilly said the refinancing provides the company with enhanced flexibility and increased liquidity, extends the company’s debt maturities and improves the company’s overall capital structure.
“We are pleased to announce the successful closing of our note offering and the replacement of our existing revolving credit facility,” said Greg Henslee, co-president and CEO of O’Reilly. “We are very excited that the debut of our public debt offering was well-received and featured investment grade credit ratings. These ratings are the result of the success of our business, which has been achieved by the hard work and dedication of our over 45,000 team members.”
The following are key highlights of the company’s new debt structure...
•Loans made under the new credit agreement (other than swing-line loans) bear interest, at O’Reilly’s option, at either a Base Rate (as set forth in the credit agreement) or a Eurodollar Rate (as set forth in the credit agreement) plus a margin that will vary from 0.325 percent to 1.5 percent in the case of Base Rate loans and 1.325 percent to 2.5 percent in the case of Eurodollar Rate loans, in each case based upon the ratings assigned to O’Reilly’s debt by Moody’s Investor Service, Inc. and Standard & Poor’s Rating Services. Borrowings of swing-line loans under the credit agreement bear interest at a Base Rate plus the margin described above for Base Rate loans. In addition, O’Reilly expects to pay a facility fee on the aggregate amount of the commitments in an amount equal to a percentage of such commitments. That percentage will vary from 0.175 percent to 0.5 percent based upon the ratings assigned to our debt by Moody’s Investor Service, Inc. and Standard & Poor’s Rating Service.
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