SPRINGFIELD, Mo. -- O'Reilly Automotive reports that it successfully completed an amendment to its senior unsecured credit agreement on Friday, Sept. 9. The amendment provides the company with lower interest rate margins on its loans and a lower facility fee applicable to its commitments, extends the maturity of the company's credit facility and improves the company's overall capital structure.

"We are excited about the opportunity to amend our unsecured credit facility, taking advantage of the current, positive interest rate environment," said Tom McFall, executive vice-president of finance and CFO of O'Reilly. "This amendment will reduce our interest expense related to ongoing commitment fees and will have a positive impact on our vendor financing programs, as we continue to work with our vendors to reduce our net inventory investment. While we have not yet borrowed under the facility, this amendment will also reduce our interest expense on any future borrowings."

The amendment extends the maturity date of the credit facility to Sept. 9, 2016. It also provides for a decrease in interest rate margins applicable to loans made under the amended credit agreement. The amendment decreases the facility fee O'Reilly pays on the aggregate amount of the commitments under the credit facility in an amount equal to a percentage of such commitments. The amendment also reduces the aggregate commitments available under the credit facility from $750 million to $660 million, with a $200 million sublimit for the issuance of letters of credit and a $75 million sublimit for swing-line borrowings. As of the amendment date, there were no outstanding borrowings under the credit facility, according to O'Reilly.