Print Page  |  Close Window

News Release

Lowe's Companies, Inc. Prices $1 Billion Notes Offering

CHARLOTTE, N.C., Oct. 3 /PRNewswire-FirstCall/ -- Lowe's Companies, Inc. (NYSE: LOW) announced today that it has agreed to sell $500 million of 5.0% Notes due 2015 and $500 million of 5.5% Notes due 2035. The net proceeds of the notes offering will be used to repay outstanding indebtedness, for general corporate purposes, including capital expenditures, and to finance repurchases of Lowe's common stock. The notes are redeemable at the option of Lowe's in whole or in part at any time at a redemption price that includes a make-whole premium, with accrued interest to the redemption date. Closing is expected to occur on October 6, 2005.

(Logo: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO)

Merrill Lynch & Co., Wachovia Securities and Banc of America Securities LLC are acting as joint book-running managers for the notes offering. A copy of the prospectus supplement relating to this offering may be obtained from Merrill Lynch & Co., Prospectus Department, 250 Vesey St., New York, NY 10080; Wachovia Securities Capital Markets, LLC, Debt Syndicate, 301 South College St., 7th Floor, Charlotte, NC 28288; or Banc of America Securities LLC, Prospectus Department, 100 West 33rd St., New York, NY 10001.

This press release is not an offer to sell nor is it a solicitation of an offer to buy any securities.

About Lowe's

With fiscal year 2004 sales of $36.5 billion, Lowe's Companies, Inc. is a FORTUNE(R) 50 company that serves approximately 11 million customers a week at more than 1,125 home improvement stores in 49 states. Based in Mooresville, N.C., the 59-year old company is the second-largest home improvement retailer in the world.

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 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.
    -0-                             10/03/2005
    /CONTACT:  Shareholders', Analysts' Inquiries, Paul Taaffe,
+1-704-758-2033, or 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, photodesk@prnewswire.com/
    /Web site:  http://www.lowes.com/
    (LOW)

CO:  Lowe's Companies, Inc.; Merrill Lynch & Co.; Wachovia Securities; Banc of
     America Securities LLC
ST:  North Carolina
IN:  REA CST
SU:  OFR

CF-JK
-- CLM100 --
6283 10/03/2005 18:14 EDT http://www.prnewswire.com