LOWE'S PRICES $4.75 BILLION NOTES OFFERING

Rhea-AI Summary

Lowe's Companies, Inc. (NYSE: LOW) announced on September 6, 2022, its agreement to issue $4.75 billion in senior notes. The offering includes $1 billion of 4.400% notes due 2025, $1.25 billion of 5.000% notes due 2033, $1.5 billion of 5.625% notes due 2053, and $1 billion of 5.800% notes due 2062. Proceeds will be used for general corporate purposes. The closing date is anticipated for September 8, 2022, contingent on standard conditions. Major financial institutions, including Barclays and Goldman Sachs, are managing the offering.

Positive

• Raising $4.75 billion through senior notes enhances liquidity.
• Diverse maturities (2025, 2033, 2053, 2062) provide flexibility in financing.

Negative

• Issuing new debt may increase leverage and financial risk.

MOORESVILLE, N.C., Sept. 6, 2022 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) announced today it has agreed to sell $1.0 billion of 4.400% Notes due 2025, $1.25 billion of 5.000% Notes due 2033, $1.5 billion of 5.625% Notes due 2053 and $1.0 billion of 5.800% Notes due 2062 (collectively, the "Notes"). Lowe's plans to use the net proceeds from the sale of the Notes for general corporate purposes. Closing is expected to occur on September 8, 2022, subject to satisfaction of customary closing conditions.

Barclays Capital Inc., Goldman Sachs & Co. LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, 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 Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 888-603-5847, Email: barclaysprospectus@broadridge.com; Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282-2198, Attention: Prospectus Department, Telephone: 866-471-2526, Email: Prospectus-ny@ny.email.gs.com; U.S. Bancorp Investments, Inc., 214 N. Tryon Street, 26th Floor, Charlotte, North Carolina 28202, Attention: Credit Fixed Income, Telephone: 1-877-558-2607; or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, Telephone: 1-800-645-3751, Email: wfscustomerservice@wellsfargo.com.

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 19 million customer transactions a week in the United States and Canada. With fiscal year 2021 sales of over $96 billion, Lowe's and its related businesses operate or service nearly 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. For more information, visit Lowes.com.

LOW-IR

Contacts:	Shareholder / Analyst Inquiries:		Media Inquiries:
	Kate Pearlman		Steve Salazar
	704-775-3856		704-881-4272
	kate.pearlman@lowes.com		steve.j.salazar@lowes.com

 

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SOURCE Lowe's Companies, Inc.

FAQ

What is the total amount Lowe's is raising through the notes offering?

Lowe's is raising a total of $4.75 billion through the notes offering.

What are the interest rates and maturity dates of the notes being issued by Lowe's?

The notes carry rates of 4.400% due 2025, 5.000% due 2033, 5.625% due 2053, and 5.800% due 2062.

When is the closing date for Lowe's notes offering?

The closing date for Lowe's notes offering is expected to be September 8, 2022.

Who are the managers for Lowe's senior notes offering?

Barclays Capital Inc., Goldman Sachs & Co. LLC, U.S. Bancorp Investments, and Wells Fargo Securities are acting as joint book-running managers.

What will Lowe's use the proceeds from the notes offering for?

Lowe's plans to use the net proceeds from the notes offering for general corporate purposes.