Lowe's Prices $2 Billion Notes Offering

Rhea-AI Summary

Lowe's Companies (NYSE: LOW) announced the sale of $1.5 billion in 2.625% Notes due 2031 and $500 million in 3.500% Notes due 2051, totaling $2 billion. The estimated net proceeds are approximately $1.984 billion after expenses. These funds will be used for general corporate purposes, with closing expected on March 31, 2021. The offering is managed by BofA Securities, Citigroup, J.P. Morgan, and Mizuho. This announcement follows a strong fiscal year 2020 with nearly $90 billion in sales.

Positive

• Successful pricing of $2 billion in Notes enhances liquidity.
• Estimated net proceeds of approximately $1.984 billion may strengthen corporate capabilities.

Negative

• None.

MOORESVILLE, N.C., March 29, 2021 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) announced today it has agreed to sell $1.5 billion of 2.625% Notes due 2031 and $500 million of 3.500% Notes due 2051 (collectively, the "Notes"). Estimated net proceeds from this offering will be approximately $1.984 billion, after deducting offering expenses and underwriters' discounts. Lowe's plans to use the net proceeds from the sale of the Notes for general corporate purposes. Closing is expected to occur on March 31, 2021, subject to satisfaction of customary closing conditions.

BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC are acting as joint book-running managers for the offering.

This offering was made under an effective registration statement on file with the Securities and Exchange Commission. This press release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase 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 BofA Securities, Inc., 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department, telephone: 1-800-294-1322, email: dg.prospectus_requests@bofa.com; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-800-831-9146, email: prospectus@citi.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attn: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone: 1-866-803-9204; or Mizuho Securities USA LLC, 1271 Avenue of the Americas, New York, NY 10020, Attention: Debt Capital Markets, telephone: 1-866-271-7403.  

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, 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 included in this release or any of its public filings.

About Lowe's

Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 20 million customers a week in the United States and Canada. With fiscal year 2020 sales of nearly $90 billion, Lowe's and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ over 300,000 associates. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts.

LOW-IR

Contacts:	Shareholder / Analyst Inquiries:	Media Inquiries:
	Kate Pearlman	Ben Boyd
	704-775-3856	917-423-5010
	kate.pearlman@lowes.com	ben.boyd@lowes.com

 

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SOURCE Lowe's Companies, Inc.

FAQ

What was announced by Lowe's on March 29, 2021?

Lowe's announced the sale of $2 billion in Notes, including $1.5 billion of 2.625% Notes due 2031 and $500 million of 3.500% Notes due 2051.

How much will Lowe's raise from its Notes offering?

Lowe's expects to raise approximately $1.984 billion in net proceeds after deducting offering expenses.

What are the intended uses for the proceeds from Lowe's Notes offering?

The proceeds from the Notes offering will be used for general corporate purposes.

When does Lowe's expect to close the Notes offering?

Lowe's expects to close the Notes offering on March 31, 2021.

Who are the joint book-running managers for the offering?

The joint book-running managers for the offering are BofA Securities, Citigroup, J.P. Morgan, and Mizuho.