8-KFinancial EventsExhibits & Filings

AUTOZONE INC 8-K Report, Financial Obligation (Apr 24, 2012)

Filed April 24, 2012For Securities:AZO

Summary

AutoZone, Inc. (AZO) filed an 8-K report on April 24, 2012, to disclose the creation of a direct financial obligation. The company successfully completed the sale of $500 million aggregate principal amount of its 3.700% Senior Unsecured Notes due 2022. These notes bear a fixed interest rate and are scheduled to mature on April 15, 2022, with interest payments made semi-annually. This issuance was conducted under a previously filed shelf registration statement and a prospectus supplement.

Key Highlights

  • 1AutoZone issued $500 million in 3.700% Senior Unsecured Notes due 2022.
  • 2The Notes mature on April 15, 2022.
  • 3Interest payments are fixed at 3.700% per annum, paid semi-annually on April 15 and October 15.
  • 4The issuance was made under AutoZone's shelf registration statement (Form S-3) filed on April 17, 2012.
  • 5The Notes rank equally with other senior unsecured liabilities and senior to any future subordinated debt.
  • 6Customary covenants restrict the company's ability to incur secured debt, enter sale-leaseback transactions, or merge/consolidate.
  • 7The Notes include provisions for redemption at the company's option and a change of control repurchase option for noteholders.

Frequently Asked Questions

This 8-K filing is to report the creation of a direct financial obligation by AutoZone, Inc. Specifically, it announces the completion of the sale of $500 million in 3.700% Notes due 2022.

The notes have a principal amount of $500 million, a fixed interest rate of 3.700% per year, and mature on April 15, 2022. Interest payments are made semi-annually on April 15 and October 15, starting October 15, 2012. They are senior unsecured debt obligations.

Yes, AutoZone has the option to redeem the notes, in whole or in part, at specified redemption prices. Additionally, if a 'change of control' event occurs (as defined in the officers' certificate), noteholders have the option to require AutoZone to repurchase their notes, unless AutoZone has already exercised its redemption option.

The notes were issued under AutoZone's shelf registration statement filed with the SEC on April 17, 2012, and were offered and sold pursuant to a prospectus supplement dated April 17, 2012.