Lowe's Companies, Inc. (NYSE: LOW) announced today it has agreed to sell $500 million of 1.625% Notes due 2017, $750 million of 3.12% Notes due 2022 and $750 million of 4.65% Notes due 2042. Estimated net proceeds from this offering will be approximately $1.982 billion, after deducting offering expenses and underwriters’ discounts. Lowe’s intends to use the net proceeds from the notes offering for general corporate purposes, which may include repurchases of shares of our common stock, capital expenditures, acquisitions and working capital needs. Closing is expected to occur on April 23, 2012.
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.
With fiscal year 2011 sales of $50.2 billion, Lowe's Companies, Inc. is a FORTUNE® 50 company that serves approximately 15 million customers a week at more than 1,745 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.
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