19.12.2005 21:10:00
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CSK Auto Corp. Completes Purchase of Murray's Discount Auto Stores and Financing Transactions
Maynard Jenkins, chairman and chief executive officer of CSK AutoCorp., stated, "Through the tremendous efforts of its associates,Murray's has earned the reputation as the 'Midwest's #1 Auto PartsStore,' and we are thrilled to have Murray's associates join the CSKfamily. With this acquisition, Murray's will complement our existingoperations and expand our market presence to 22 states."
Martin Fraser, president and chief operating officer, stated, "Welook forward to a sharing of ideas and strategies with Murray's andare excited about the synergistic opportunities that are presented tous by this acquisition. Because our retail operating models are sosimilar, we see this acquisition as providing an extension of ourfootprint into new markets."
The company also announced that it completed the issuance by CSKAuto Inc. of $85 million aggregate original principal amount ofexchangeable senior unsecured notes in a private offering. Proceedsfrom the note offering were used to fund a portion of the acquisition,with the balance of the acquisition costs funded via availabilityunder CSK Auto Inc.'s existing senior credit facility.
The notes offered and the common stock issuable upon exchange ofthe notes have not been registered under the Securities Act of 1933,as amended, or any state securities laws, and may not be offered orsold in the United States absent registration or an applicableexemption from registration requirements and applicable statesecurities laws.
Portions of this release may constitute "forward-lookingstatements" as defined by federal law. Although the company believesany such statements are based on reasonable assumptions, there is noassurance that actual outcomes will not be materially different. Anysuch statements are made in reliance on the "safe harbor" protectionsprovided under the Private Securities Reform Act of 1995. Additionalinformation about issues that could lead to material changes in thecompany's performance is contained in the company's filing with theSecurities and Exchange Commission.
CSK Auto Corp. is the parent company of CSK Auto Inc., a specialtyretailer in the automotive aftermarket. As of Dec. 19, 2005, CSK AutoInc. operated 1,267 stores in 22 states.
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