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.
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.
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.
/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, email@example.com/
/Web site: http://www.lowes.com/
CO: Lowe's Companies, Inc.; Merrill Lynch & Co.; Wachovia Securities; Banc of
America Securities LLC
ST: North Carolina
IN: REA CST
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