Advance Auto Parts announced this week it will redeem the $300 million aggregate principle of its 5.750 percent Notes due 2020 using available cash on hand.
“I am pleased with our teams’ ability to deliver meaningful financial and operational improvements over the past several quarters,” said Executive Vice President and Chief Financial Officer Jeff Shepherd. “We remain incredibly disciplined in our approach to managing cash and delivering on our capital allocation priorities. In line with our financial priorities, the redemption of these notes reflects our focus to maintain an investment grade rating and underscores our confidence to generate significant cash flow from the business. We are confident in our ability to continue driving value for our shareholders while investing in initiatives to fuel the growth of Advance.”