LOWE'S PRICES $5 BILLION NOTES OFFERING

Rhea-AI Summary

Lowe's Companies, Inc. (NYSE: LOW) announced a debt offering totaling $5 billion, consisting of various notes with maturities ranging from 2027 to 2062. The breakdown includes $750 million of 3.350% Notes due 2027, $1.5 billion of 3.750% Notes due 2032, $1.5 billion of 4.250% Notes due 2052, and $1.25 billion of 4.450% Notes due 2062. Proceeds will be used for general corporate purposes, with closing expected on March 24, 2022. The offering is managed by BofA Securities, Citigroup, J.P. Morgan, and RBC Capital Markets.

Positive

• Secures $5 billion in debt financing, strengthening liquidity.
• Proceeds will be used for general corporate purposes, potentially enhancing operational flexibility.

Negative

• Debt issuance could increase interest expense over time, impacting future profitability.

MOORESVILLE, N.C., March 22, 2022 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) announced today it has agreed to sell $750 million of 3.350% Notes due 2027, $1.5 billion of 3.750% Notes due 2032, $1.5 billion of 4.250% Notes due 2052 and $1.25 billion of 4.450% 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 March 24, 2022, subject to satisfaction of customary closing conditions.

BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and RBC Capital Markets, 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, telephone: 1-866-803-9204; or RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281, Attention: Transaction Management, telephone: 1-866-375-6829, email: rbcnyfixedincomeprospectus@rbccm.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	704-758-4345
	kate.pearlman@lowes.com	steve.j.salazar@lowes.com

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SOURCE Lowe's Companies, Inc.

FAQ

What is Lowe's recent debt offering amount?

Lowe's announced a debt offering totaling $5 billion.

What are the interest rates on Lowe's new notes?

The notes have interest rates of 3.350%, 3.750%, 4.250%, and 4.450%.

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

The closing of the debt offering is expected on March 24, 2022.

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

The proceeds will be used for general corporate purposes.

Who are the managers of Lowe's debt offering?

The offering is managed by BofA Securities, Citigroup, J.P. Morgan, and RBC Capital Markets.