O'Reilly Automotive, Inc. Repurchase Of The 6 3/4% Exchangeable Senior Notes Due 2025 At The Option Of Holders

SPRINGFIELD, Mo., Nov. 15, 2010 (GLOBE NEWSWIRE) -- O'Reilly Automotive, Inc. ("O'Reilly" or the "Company") (Nasdaq:ORLY), a leading retailer in the automotive aftermarket industry, announced today that holders of the 6 3/4% Exchangeable Senior Notes due 2025 (the "Notes"), which were originally issued by CSK Auto, Inc. ("CSK"), have the right to require CSK to repurchase for cash such holders' Notes pursuant to the terms of the indenture for the Notes (the "Put Option"). The Put Option expires at 5:00 p.m., New York City time, on December 14, 2010. In connection with its acquisition of CSK on July 11, 2008, O'Reilly agreed to guarantee the Notes, on a subordinated basis, and to issue shares of O'Reilly common stock, if any, upon any exchange of the principal amount of the notes. The Notes were originally issued on December 19, 2005, by CSK and $89 million of the aggregate principal amount remains outstanding.

The Put Option entitles each holder of the Notes to require CSK to purchase all or any part of such holder's Notes at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest up to, but not including, the repurchase date; provided that the Interest will be payable to the holder of record on the corresponding regular record date.

Holders that do not tender their Notes for purchase pursuant to the Put Option will maintain the right to exchange their Notes, subject to the terms, conditions and adjustments applicable to the Notes.

The opportunity to tender Notes for purchase pursuant to the Put Option commenced at 9:00 a.m., New York City time, on Monday, November 15, 2010, and will terminate at 5:00 p.m., New York City time, on Tuesday, December 14, 2010.  In order to exercise the Put Option, a holder must follow the procedures set forth in the applicable notice to holders. Holders may withdraw any Notes previously tendered for purchase at any time prior to 5:00 p.m., New York City time, on Tuesday, December 14, 2010.