SPRINGFIELD, Mo. -- O'Reilly Automotive announced today that the 6 3/4 percent Exchangeable Senior Notes due 2025, which were originally issued by CSK Auto Corp., are now exchangeable at the option of the holders and will remain exchangeable through Dec. 31, the last trading day of the current fiscal quarter, as provided for in the Indenture governing the notes.

In connection with its acquisition of CSK, 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 became exchangeable as the company's common stock closed at or above 130 percent of the Exchange Price (as defined in the Indenture governing the notes) for 20 trading days within the 30 consecutive trading day period ending on Sept. 30, 2010. As a result, during the exchange period commencing Oct. 1 and continuing through and including Dec. 31, for each $1,000 principal amount of the notes held, holders of the notes may, if they elect, surrender their notes for exchange.

The company said it expects to settle each note surrendered for exchange with cash in an amount equal to $1,000 in cash and shares of O'Reilly common stock in excess thereof, subject to the terms of the Indenture. During the third quarter ended Sept. 30, certain holders of the notes delivered notice to the Exchange Agent to exercise their right to exchange $11 million of the principal amount of the notes. The remaining $89 million of the principal amount of the notes is outstanding.