MOORESVILLE, N.C., May 30 /PRNewswire-FirstCall/ -- Lowe's Companies, Inc.
(NYSE: LOW) provided notice today through The Bank of New York Trust Company,
N.A., as trustee, to the holders of its outstanding convertible notes issued
in February 2001 and its outstanding senior convertible notes issued in
October 2001, of its election to redeem all outstanding convertible notes and
senior convertible notes. Lowe's has approximately $579 million aggregate
principal amount of senior convertible notes outstanding and approximately $20
million aggregate principal amount of convertible notes outstanding.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO )
Lowe's will redeem for cash all senior convertible notes issued in October
2001 outstanding on June 30, 2008 at a price equal to the sum of the issuance
price, plus accrued original issue discount on the redemption date ($875.73
per note). The senior convertible notes are convertible at the option of the
holders into 34.424 shares of Lowe's common stock until June 26, 2008, two
business days prior to the redemption date of June 30, 2008. Lowe's is
redeeming the senior convertible notes pursuant to, and in accordance with,
the terms of the indenture under which they were issued.
Lowe's will redeem for cash all convertible notes issued in February 2001
outstanding on June 30, 2008 at a price equal to the sum of the issuance
price, plus accrued original issue discount on the redemption date ($730.71
per note). The convertible notes are convertible at the option of the holders
into 32.896 shares of Lowe's common stock until June 30, 2008. Lowe's is
redeeming the convertible notes pursuant to, and in accordance with, the terms
of the indenture under which they were issued.
Disclosure Regarding Forward-Looking Statements
This news release includes "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 (the "Act").
Statements of the company's expectations for sales growth, comparable store
sales, earnings and performance, capital expenditures, store openings, the
housing market, the home improvement industry, demand for services, and any
statement of an assumption underlying any of the foregoing, constitute
"forward-looking statements" under the Act. Although the company believes
that the expectations, opinions, projections, and comments reflected in its
forward-looking statements are reasonable, it can give no assurance that such
statements will prove to be correct. A wide-variety of potential risks,
uncertainties, and other factors could materially affect our ability to
achieve the results expressed or implied by our forward-looking statements
including, but not limited to, changes in general economic conditions, such as
interest rate and currency fluctuations, higher fuel and other energy costs,
slower growth in personal income, declining housing turnover, the availability
of mortgage financing, inflation or deflation of commodity prices and other
factors which can negatively affect our customers, as well as our ability to:
(i) respond to adverse trends in the housing industry and the level of
repairs, remodeling, and additions to existing homes, as well as general
reduction in commercial building activity; (ii) secure, develop, and otherwise
implement new technologies and processes designed to enhance our efficiency
and competitiveness; (iii) attract, train, and retain highly-qualified
associates; (iv) locate, secure, and successfully develop new sites for store
development particularly in major metropolitan markets; (v) respond to
fluctuations in the prices and availability of services, supplies, and
products; (vi) respond to the growth and impact of competition; (vii) address
legal and regulatory developments; and (viii) respond to unanticipated weather
conditions that could adversely affect sales. For more information about
these and other risks and uncertainties that we are exposed to, you should
read the "Risk Factors" included in our Annual Report on Form 10-K to the
United States Securities and Exchange Commission and the description of
material changes, if any, in those "Risk Factors" included in our Quarterly
Reports on Form 10-Q.
The forward-looking statements contained in this news release speak only
as of the date of this release and the company does not assume any obligation
to update any such statements.
With fiscal year 2007 sales of $48.3 billion, Lowe's Companies, Inc. is a
FORTUNE(R) 50 company that serves approximately 14 million customers a week at
more than 1,550 home improvement stores in the United States and Canada.
Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest
home improvement retailer in the world. For more information, visit
SOURCE Lowe's Companies, Inc.
/CONTACT: Shareholders'-Analysts' Inquiries: Robbin Moore-Randolph,
+1-704-758-3579, Media Inquiries: Chris Ahearn, +1-704-758-2304, both of
Lowe's Companies, Inc./
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, firstname.lastname@example.org /
/Web site: http://www.lowes.com /
CO: Lowe's Companies, Inc.
ST: North Carolina
IN: REA HOU CST
-- CLF071 --
4627 05/30/2008 16:30 EDT http://www.prnewswire.com