Lowe's Prices $1.0 Billion Notes Offering
MOORESVILLE, N.C.--(BUSINESS WIRE)--
Lowe's Companies, Inc. (NYSE: LOW) announced today it has agreed to sell
$475 million of 2.125% Notes due 2016 and $525 million of 3.75% Notes
due 2021. Estimated net proceeds from this offering will be
approximately $994 million, after deducting offering expenses and
underwriters' discounts. Lowe's intends to use the net proceeds from the
notes offering for general corporate purposes, including capital
expenditures and working capital needs, and to fund repurchases of
shares of our common stock. Closing is expected to occur on November 22,
2010.
Wells Fargo Securities, LLC and U.S. Bancorp Investment, 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 or a solicitation of an offer to buy these 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
Wells Fargo Securities, LLC, Syndicate Operations, 1525 West W.T. Harris
Boulevard, NC0675, Charlotte, North Carolina 28262, 1-800-326-5897; or
U.S. Bancorp Investment, Inc., Head of Syndicate, 214 North Tryon
Street, 26th Floor, Charlotte, NC 28202, 1-877-558-2607.
Disclosure Regarding Forward-Looking Statements
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 included
in this release or any of its public filings.
About Lowe's
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 1,725 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.
Source: Lowe's Companies, Inc.