O'Reilly Automotive Inc. plans to raise $500 million in debt to repurchase shares, repay debt and to invest in other business opportunities, including acquisitions.

The Missouri-based automotive parts retailer will raise the funds through an offering of $500 million senior notes due 2029, according to a prospectus filed May 9.

Interest on the SEC-registered notes is payable every June 1 and Dec. 1 of each year, starting Dec. 1. The offering is scheduled to settle May 20.

O'Reilly said it will have the option to redeem the 2029 notes prior to March 1, 2029.

Merrill Lynch Pierce Fenner & Smith Inc., Wells Fargo Securities LLC, J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc. are serving as joint book-running managers in the offering, while BB&T Capital Markets, a division of BB&T Securities LLC, is acting as senior co-managers.

Regions Securities LLC, TD Securities (USA) LLC, BNP Paribas Securities Corp., PNC Capital Markets LLC, Capital One Securities Inc., The Huntington Investment Co., Citizens Capital Markets Inc., SunTrust Robinson Humphrey Inc., Mizuho Securities USA LLC and MUFG Securities Americas Inc. are the co-managers for the offering.

The notes were rated Baa1 by Moody's and BBB by S&P Global Ratings.