Lowe's Issues Financial Updates

LOWE'S PRICES $4 BILLION NOTES OFFERING

Lowe's Companies, Inc. (NYSE: LOW) announced today it has agreed to sell $1.00 billion of 1.300% Notes due 2028, $1.25 billion of 1.700% Notes due 2030 and $1.75 billion of 3.000% Notes due 2050 (collectively, the "Notes"). Estimated net proceeds from this offering will be approximately $3.968 billion, after deducting offering expenses and underwriters' discounts. Lowe's plans to use the net proceeds from the sale of the Notes to purchase its existing notes in the concurrent tender offers upon the terms and subject to the conditions set forth in its offer to purchase, dated October 7, 2020 (the "Offer to Purchase"), and the related letter of transmittal, and for general corporate purposes. Closing is expected to occur on October 22, 2020, subject to satisfaction of customary closing conditions. 

On September 2, 2020, Lowe's repaid the entire $1 billion outstanding principal amount due under an unsecured 364-day term loan facility that it entered into in January 2020.

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

LOWE'S ANNOUNCES CASH TENDER OFFERS FOR CERTAIN OF ITS OUTSTANDING DEBT SECURITIES

Lowe's Companies, Inc. today announced the commencement of cash tender offers (the "Tender Offers") of its outstanding 7.110% Notes due 2037, 6.650% Notes due 2037, 5.800% Notes due 2036, 5.800% Notes due 2040, 5.125% Notes due 2050, 5.000% Notes due 2043, 5.125% Notes due 2041, 4.550% Notes due 2049, 5.000% Notes due 2040, 4.375% Notes due 2045, 4.650% Notes due 2042, 4.250% Notes due 2044, 4.050% Notes due 2047, 5.500% Notes due 2035, 7.200% Notes due 2027, 6.875% Notes due 2028, 6.500% Notes due 2029, and 4.500% Notes due 2030 (collectively, the "Notes") in the priorities set forth in the table below, subject to an aggregate tender cap (the "Aggregate Tender Cap") of up to an aggregate principal amount of all series of Notes that does not exceed $3,500,000,000 in aggregate cash consideration excluding accrued interest.  The amount of each series of Notes purchased will be limited to the applicable Tender SubCap (each, a "Tender SubCap") set forth in the table below, if any.  The purpose of the Tender Offers is to reduce interest expense and manage the maturity profile of the Company's outstanding debt.  Notes that are accepted in the Tender Offers will be retired. Each Tender Offer is a separate tender offer. Each Tender Offer may be individually amended, extended or terminated by us. We reserve the right, but are under no obligation, to increase, decrease or eliminate one or more of the Tender SubCaps and to increase or decrease the Aggregate Tender Cap, in each case subject to compliance with applicable law.

Source : Lowe's 

For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter.