<SEC-DOCUMENT>0001104659-22-068521.txt : 20220606
<SEC-HEADER>0001104659-22-068521.hdr.sgml : 20220606
<ACCEPTANCE-DATETIME>20220606161558
ACCESSION NUMBER:		0001104659-22-068521
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220606
DATE AS OF CHANGE:		20220606

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			O REILLY AUTOMOTIVE INC
		CENTRAL INDEX KEY:			0000898173
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO & HOME SUPPLY STORES [5531]
		IRS NUMBER:				274358837
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-263144
		FILM NUMBER:		22998244

	BUSINESS ADDRESS:	
		STREET 1:		233 S PATTERSON AVE
		CITY:			SPRINGFIELD
		STATE:			MO
		ZIP:			65802
		BUSINESS PHONE:		417-829-5878

	MAIL ADDRESS:	
		STREET 1:		233 S PATTERSON AVE
		CITY:			SPRINGFIELD
		STATE:			MO
		ZIP:			65802

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			O REILLY AUTOMOTIVE INC
		CENTRAL INDEX KEY:			0000898173
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO & HOME SUPPLY STORES [5531]
		IRS NUMBER:				274358837
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		233 S PATTERSON AVE
		CITY:			SPRINGFIELD
		STATE:			MO
		ZIP:			65802
		BUSINESS PHONE:		417-829-5878

	MAIL ADDRESS:	
		STREET 1:		233 S PATTERSON AVE
		CITY:			SPRINGFIELD
		STATE:			MO
		ZIP:			65802
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2217632d2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus<BR>
Filed Pursuant to Rule 433<BR>
Registration Statement No. 333-263144</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">O&rsquo;REILLY AUTOMOTIVE, INC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$850,000,000 4.700% Senior Notes due 2032</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>June 6, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Term Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 2.5in"><B>Issuer</B></TD><TD STYLE="text-align: justify">O&rsquo;Reilly Automotive, Inc.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>Description of Security</B></TD>
  <TD STYLE="text-align: justify">4.700% Senior Notes due 2032</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>Security Type</B></TD>
  <TD STYLE="text-align: justify">Senior Notes</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>Legal Format</B></TD>
  <TD STYLE="text-align: justify">SEC Registered</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>Expected Ratings (Moody&rsquo;s / S&amp;P)</B><SUP>*</SUP></TD>
  <TD STYLE="text-align: justify">Baa1 (Stable) / BBB (Stable)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>Trade Date</B></TD>
  <TD STYLE="text-align: justify">June 6, 2022</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>Settlement Date</B></TD>
  <TD STYLE="text-align: justify">June 15, 2022 (T+7)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>Principal Amount</B></TD>
  <TD STYLE="text-align: justify">$850,000,000</TD></TR>
</TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>Maturity Date</B></TD>
  <TD STYLE="text-align: justify">June 15, 2032</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>Interest Payment Dates</B></TD>
  <TD STYLE="text-align: justify">Semi-annually on June 15 and December 15, commencing on December 15, 2022</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 2.5in"><B>Coupon</B></TD><TD STYLE="text-align: justify">4.700%</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>Benchmark Treasury</B></TD>
  <TD STYLE="text-align: justify">2.875% due May 15, 2032</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>Benchmark Treasury Price / Yield</B></TD>
  <TD STYLE="text-align: justify">98-19 / 3.040%</TD></TR>
</TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>Spread to Benchmark Treasury</B></TD>
  <TD STYLE="text-align: justify">+170 basis points</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>Yield to Maturity</B></TD>
  <TD STYLE="text-align: justify">4.740%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>Public Offering Price</B></TD>
  <TD STYLE="text-align: justify">99.684% of the principal amount</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>Optional Redemption</B></TD>
  <TD STYLE="text-align: justify">Prior to March 15, 2032, redeemable, in whole, at any time, or in part, from time to time, at the
  Company&rsquo;s option, for cash, at a redemption price, plus accrued and unpaid interest to, but not including, the redemption
  date, equal to the greater of (1) 100% of the principal amount thereof, or (2) the sum of the present values of the remaining
  scheduled payments of principal and interest thereon that would have been due if the notes
matured on March 15, 2032, not including accrued and unpaid interest to, but not including, the date of redemption, discounted to the
redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus
30 basis points.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify; text-indent: -2.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify">On or after March 15, 2032, redeemable,
in whole at any time or in part from time to time, at the Company&rsquo;s option, for cash, at a redemption price equal to 100% of the
principal amount thereof plus accrued and unpaid interest to, but not including, the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">(1) Note: A
securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

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<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2.5in"><B>CUSIP Number</B></TD>
  <TD STYLE="text-align: justify">67103H AL1</TD></TR>
</TABLE>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 2.5in"><B>ISIN</B></TD><TD STYLE="text-align: justify">US67103HAL15</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 2.5in"><B>Joint Book-Running Managers</B></TD>
  <TD STYLE="text-align: left">J.P. Morgan Securities LLC<BR>
U.S. Bancorp Investments, Inc.<BR>
 BofA Securities, Inc. <BR>
Truist Securities,
Inc.</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 2.5in"><B>Senior Co-Managers</B></TD>
  <TD STYLE="text-align: left">PNC Capital Markets LLC<BR>
TD Securities (USA) LLC</TD></TR>
</TABLE>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 2.5in"><B>Co-Managers</B></TD><TD STYLE="text-align: left">BNP Paribas Securities Corp.<BR>
Capital One Securities, Inc.<BR>
Citizens Capital Markets, Inc. <BR>
Huntington Securities,
Inc. <BR>
Mizuho Securities USA
LLC<BR>
 MUFG Securities Americas
Inc. <BR>
Regions Securities
LLC</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We expect that delivery of the notes will be
made to investors on or about June 15, 2022, which will be the 7th business day following the date of the prospectus supplement (such
settlement being referred to as &ldquo;T+7&rdquo;). Pursuant to Rule&nbsp;15c6-1 under the Securities Exchange Act of 1934, as amended,
trades in the secondary market generally are required to settle in two business days unless the parties to any such trade expressly agree
otherwise. Accordingly, purchasers of the notes who wish to trade the notes before the second business day prior to the settlement date
will be required, by virtue of the fact that the notes initially will settle in T+7, to specify an alternative settlement cycle at the
time of any such trade to prevent failed settlement and should consult their own advisors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The issuer has filed a registration statement
(including a prospectus) with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) for this offering to which this communication
relates. Before you invest, you should read the prospectus in that registration statement, and other documents the issuer has filed with
the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting the SEC web
site at <I>www.sec.gov</I>. Alternatively, you may obtain a copy of the prospectus from J.P. Morgan Securities LLC, collect at 1-212-834-4533
or U.S. Bancorp Investments, Inc., toll-free at 1-877-558-2607.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Term Sheet dated June 6, 2022 to the Preliminary
Prospectus Supplement dated June 6, 2022, and the accompanying Prospectus dated March 1, 2022 (together, the &ldquo;Preliminary Prospectus&rdquo;)
of O&rsquo;Reilly Automotive, Inc. The information in this Term Sheet supplements the Preliminary Prospectus and supersedes the information
in the Preliminary Prospectus to the extent it is inconsistent with the information in the Preliminary Prospectus. This Term Sheet is
qualified in its entirety by reference to the Preliminary Prospectus. Financial information presented in the Preliminary Prospectus is
deemed to have changed to the extent affected by the changes described herein. This pricing term sheet should be read together with the
Preliminary Prospectus, including the documents incorporated by reference therein, before making a decision in connection with an investment
in the securities. Capitalized terms used in this Term Sheet but not defined have the meanings given them in the Preliminary Prospectus.</B></P>

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