MOORESVILLE, N.C., Apr 12, 2010 (BUSINESS WIRE) --Lowe's Companies, Inc. (NYSE: LOW) announced today that it has agreed to
sell $500 million of 4.625% Notes due 2020 and $500 million of 5.80%
Notes due 2040. The company estimates that the net proceeds from this
offering will be approximately $990.7 million, after deducting estimated
offering expenses and the underwriters' discounts. Lowe's plans to use
$500 million of the net proceeds from the sale of the notes to repay its
8.25% Notes due June 1, 2010 at maturity, and to use the balance for
general corporate purposes, including capital expenditures and working
capital needs, and to fund repurchases of shares of its common stock.
Closing is expected to occur on April 15, 2010.
Banc of America Securities LLC, J.P. Morgan Securities Inc., and
SunTrust Robinson Humphrey, Inc. are acting as joint book-running
managers for the notes offering. This offering was made under an
effective registration statement on file with the Securities and
Exchange Commission. This press release is not an offer to sell nor is
it a solicitation of an offer to buy any securities. Any offers to sell,
or solicitations to buy, will be made solely by means of a prospectus
and related prospectus supplement filed with the Securities and Exchange
Commission. A copy of the prospectus and related prospectus supplement
for this offering may be obtained from your salesperson at Banc of
America Securities LLC, Prospectus Department, 100 West 33rd Street, 3rd
Floor, New York, New York 10001; J.P. Morgan Securities Inc., 383
Madison Avenue, High Grade Syndicate Desk - 3rd Floor, New York, New
York 10179; or SunTrust Robinson Humphrey, Inc., Prospectus Department,
3333 Peachtree Street, Atlanta, Georgia 30326.
With fiscal year 2009 sales of $47.2 billion, Lowe's Companies, Inc. is
a FORTUNE(R) 50 company that serves approximately 15 million customers a
week at more than 1,700 home improvement stores in the United States,
Canada and Mexico. 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 Lowes.com.
Included herein are forward-looking statements, including statements
with respect to an anticipated financing. There are many factors that
affect management's views about future events and trends of the business
and operations of the Company, including changes to the economy and the
market for the offering, all as more thoroughly described in the
prospectus and related prospectus supplement and the Company's filings
with the Securities and Exchange Commission. The Company does not
undertake any obligation to update forward-looking information made in
this release or any of its public filings.
SOURCE: Lowe's Companies, Inc.
Lowe's Companies, Inc.
Robbin Moore-Randolph, 704-758-3579
Chris Ahearn, 704-758-2304