Advance Auto Parts Announces Redemption of 5.750% Notes Due 2020
RALEIGH, N.C.--(BUSINESS WIRE)--Jan 29, 2019--Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, today announced it will redeem the $300 million aggregate principle of its 5.750% 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.”
About Advance Auto Parts
Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installer and do-it-yourself customers. As of October 6, 2018, Advance operated 4,981 stores and 139 Worldpac branches in the United States, Canada, Puerto Rico and the U.S. Virgin Islands. The Company also serves 1,229 independently owned Carquest branded stores across these locations in addition to Mexico, the Bahamas, Turks and Caicos, British Virgin Islands and Pacific Islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at www.AdvanceAutoParts.com.
Certain statements in this report are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements address future events or developments, and typically use words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “forecast,” “guidance,” “outlook” or “estimate.” These forward-looking statements include, but are not limited to, key assumptions for future financial performance including net sales, store growth, comparable store sales, gross profit rate, SG&A, adjusted operating income, income tax rate, integration and transformation costs, adjusted operating income rate targets, capital expenditures, inventory levels and free cash flow; statements regarding expected growth and future performance of the Company; statements regarding enhancements to shareholder value, strategic plans or initiatives, growth or profitability, productivity targets and all other statements that are not statements of historical facts. These statements are based upon assessments and assumptions of management in light of historical results and trends, current conditions and potential future developments that often involve judgment, estimates, assumptions and projections. Forward-looking statements reflect current views about our plans, strategies and prospects, which are based on information currently available as of the date of this release. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Please refer to the “Risk Factors” section of the annual report on Form 10-K for the year ended December 30, 2017, and other filings made by the Company with the Securities and Exchange Commission for additional risk factors that could materially affect the Company’s actual results. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not place undue reliance on those statements.
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CONTACT: Investor Relations Contact:
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KEYWORD: UNITED STATES NORTH AMERICA DISTRICT OF COLUMBIA FLORIDA NEW YORK NORTH CAROLINA VIRGINIA WEST VIRGINIA
INDUSTRY KEYWORD: AUTOMOTIVE AFTERMARKET RETAIL SPECIALTY GENERAL AUTOMOTIVE
SOURCE: Advance Auto Parts, Inc.
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PUB: 01/29/2019 08:00 AM/DISC: 01/29/2019 08:00 AM