<SEC-DOCUMENT>0001104659-23-117237.txt : 20231113
<SEC-HEADER>0001104659-23-117237.hdr.sgml : 20231113
<ACCEPTANCE-DATETIME>20231113161912
ACCESSION NUMBER:		0001104659-23-117237
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20231113
DATE AS OF CHANGE:		20231113

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:		231399059

	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>tm2320019d2_fwp.htm
<DESCRIPTION>FWP
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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&nbsp;433<BR>
Registration Statement No.&nbsp;333-263144</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$750,000,000 5.750% Senior Notes due 2026</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>November&nbsp;13, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 30%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">O&rsquo;Reilly Automotive, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description of Security</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.750% Senior Notes due 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security Type</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Notes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Legal Format</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC Registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><B>Expected Ratings (Moody&rsquo;s / S&amp;P)*</B></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">Baa1 (Stable) / BBB (Stable)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trade Date</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 13, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement Date</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 20, 2023 (T+5)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Amount</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$750,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity Date</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 20, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Payment Dates</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually on May 20 </FONT>and November 20, commencing on May 20, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Coupon</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.750%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Benchmark Treasury</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.625% due November 15, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Benchmark Treasury Price / Yield</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99-15 / 4.817</FONT>%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Spread to Benchmark Treasury</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+95
basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Yield to Maturity</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.767%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Public Offering Price</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.954% of the principal amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional Redemption</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to October 20</FONT>, 2026, 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 October 20, 2026, 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 15 basis points.</TD></TR>
</TABLE>

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

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">* 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.</P>

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


<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify; width: 30%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or after October 20</FONT>, 2026, 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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67103HAM9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ISIN</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US67103HAM97</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joint Book-Running Managers</B></FONT></TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BofA Securities, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.P. Morgan Securities LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Truist Securities, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Bancorp Investments, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PNC Capital Markets LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Senior Co-Manager</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TD Securities (USA) LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Co-Managers</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Regions Securities LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">BMO Capital Markets Corp.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Huntington Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Capital One Securities, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Mizuho Securities USA LLC</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>We
expect that delivery of the notes will be made to investors on or about November&nbsp;20, 2023, which will be the 5</B></FONT><B>th business
day following the date of the prospectus supplement (such settlement being referred to as &ldquo;T+5&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+5, 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 BofA
Securities,&nbsp;Inc. toll-free at 1-800-294-1322, </B></FONT><B>J.P. Morgan Securities LLC, collect at 1-212-834-4533 or Truist Securities,&nbsp;Inc.,
toll-free at 1-800-685-4786.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Term Sheet dated November&nbsp;13, 2023 to
the Preliminary Prospectus Supplement dated November&nbsp;13, 2023, and the accompanying Prospectus dated March&nbsp;1, 2022 (together,
the &ldquo;Preliminary Prospectus&rdquo;) of O&rsquo;Reilly Automotive,&nbsp;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>

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

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

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