Charlotte, NC, October 4, 2005 -- Lowe's said it had agreed to sell $500 million of 5.0% notes due 2015 and $500 million of 5.5% notes due 2035.
The net proceeds of the notes offering will be used to repay outstanding indebtedness, for general corporate purposes, including capital expenditures, and to finance repurchases of Lowe's common stock.
The notes are redeemable at the option of Lowe's in whole or in part at any time at a redemption price that includes a make-whole premium, with accrued interest to the redemption date. Closing is expected to occur on October 6, 2005.
Merrill Lynch & Co., Wachovia Securities and Banc of America Securities LLC are acting as joint book-running managers for the notes offering. A copy of the prospectus supplement relating to this offering may be obtained from Merrill Lynch & Co., Prospectus Department, 250 Vesey St., New York, NY 10080; Wachovia Securities Capital Markets, LLC, Debt Syndicate, 301 South College St., 7th Floor, Charlotte, NC 28288; or Banc of America Securities LLC, Prospectus Department, 100 West 33rd St., New York, NY 10001.
