O'Reilly Automotive, Inc. Announces New Financing Plan

• Financing Plan Aimed at Enhancing Flexibility and Liquidity, Extending Maturities and Improving the Company's Overall Capital Structure

SPRINGFIELD, Mo., Jan. 11, 2011 (GLOBE NEWSWIRE) -- O'Reilly Automotive, Inc. ("O'Reilly" or "the Company") (Nasdaq:ORLY), a leading retailer in the automotive aftermarket industry, today announced that its Board of Directors has approved a multifaceted financing plan aimed at enhancing flexibility, increasing liquidity, extending maturities and improving the Company's overall capital structure. The financing plan includes the following components:

• refinancing of the Company's outstanding borrowings under its existing asset-based revolving credit facility, which matures in July of 2013, with new unsecured senior debt financing;
• entering into a new $750 million senior unsecured revolving credit facility, maturing in January of 2016;
• authorizing a $500 million share repurchase program to be utilized within three years; and
• establishing a target rent-adjusted debt to EBITDAR leverage ratio of 2.0x to 2.25x, using six times capitalized rent.

"The hard work and dedication of our over 45,000 team members has resulted in 17 consecutive years of profitable growth," said Greg Henslee, Co-President and Chief Executive Officer of O'Reilly. "As a result of this success and growth, we are pleased to announce these plans to improve O'Reilly's capital structure. The financial structure we are announcing will enable us to achieve a long-term capital structure with enhanced flexibility and extended debt maturities, while maintaining O'Reilly's historically conservative financial policies. Our new capital structure and leverage target will allow us to effectively optimize the use of cash generated from operations to first reinvest in our business, through both organic growth and prudent industry consolidation and second to opportunistically repurchase, based on market conditions, shares of our stock. We are committed to utilizing the share repurchase program within the bounds of our historically disciplined capital structure to enhance shareholder returns while maintaining adequate liquidity to execute our growth and expansion plans."